Federal Off Hook For Goodyear Securities Claims Coverage

Law360, New York (September 19, 2011, 7:44 PM EDT) -- An Ohio judge ruled Monday that Federal Insurance Co. didn't owe Goodyear Tire & Rubber Co. coverage under an excess directors and officers policy for securities claims over a $280 million accounting restatement because the underlying insurance wasn't exhausted.

Handing summary judgment to Federal, U.S. District Judge Christopher A. Boyko noted that the insurer's coverage only kicked in after the full limit of the underlying insurance from National Union Fire Insurance Co. of Pittsburgh was paid out.

Goodyear had also sued National Union for coverage under...
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