AIG Can't Skirt Legal Fees In $176M Westernbank FDIC Suit

Law360, New York (March 20, 2013, 7:53 PM EDT) -- The First Circuit on Wednesday shot down AIG Insurance Co.'s attempt to escape attorneys' fees and costs incurred by the directors and officers of Westernbank Puerto Rico in a $176 million coverage suit after the Federal Deposit Insurance Corp. became the bank's receiver in April 2010.

In a three-sentence ruling, a three-judge panel said that AIG failed to establish the First Circuit's jurisdiction over the order finding that the insurer acted obstinately by refusing to advance the legal expenses under their director and officer insurance policies....
To view the full article, register now.