Lloyd's, LandAmerica Strike $38M Deal In E&O Coverage Row

Law360, New York (January 26, 2012, 5:49 PM EST) -- The trustee liquidating a LandAmerica Financial Group Inc. subsidiary asked a Virginia bankruptcy court on Thursday to approve a nearly $38 million settlement with Lloyd's of London underwriters over errors and omissions insurance policy claims.

Gerard A. McHale Jr., liquidation trustee for LandAmerica 1031 Exchange Services Inc., said the settlement is a good alternative to a protracted legal battle for insurance coverage against the claims of 1031 exchange customers and government investigations. Those claims hinge on LES's use of auction rate securities and the companies' liquidity...
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