Insurer Fights Lyondell D&O Coverage In Buyout Suit

Law360, New York (October 27, 2011, 1:35 PM EDT) -- American Casualty Co. sued Lyondell Chemical Co.'s former directors and officers on Tuesday, seeking to avoid covering them against claims in New York bankruptcy court that they violated fiduciary duties by approving Basell AF SCA's buyout of Lyondell.

In a complaint filed in New York state court, the insurer argues it was not obligated to indemnify the former Lyondell executives in an adversarial proceeding brought by Lyondell's litigation trust because the two $15 million excess directors and officers policies it issued had an "insured versus insured"...
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