Valiant Sues To Deny $10M Coverage To Horizon Directors

Law360, New York (April 27, 2012, 5:48 PM EDT) -- Valiant Specialty Insurance Co. on Friday sued to deny $10 million in indemnification coverage to the ex-directors of now-defunct Horizon Bank, who are facing claims of negligence and breach of fiduciary duty by the bank's receiver, the Federal Deposit Insurance Corp.

In a complaint filed in Washington state federal court, Valiant said that under the terms of the management liability policy issued to Horizon Bank's parent, Horizon Financial Corp., the insurer has a duty to defend the former directors from the FDIC's claims but not to...
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