CDC Trust Sues AIG Over $9M In D&O Coverage

Law360, Chicago (June 06, 2013, 2:35 PM ET) -- The trust charged with winding down CDC Corp.'s bankruptcy estate sued AIG Europe Ltd. on Wednesday, claiming the insurer has refused to honor a policy covering nearly $9 million of settlement and defense costs the software company incurred in a lawsuit against its top brass.

In a complaint filed in Georgia bankruptcy court, the CDC Liquidation Trust said it paid out $1.5 million defending a lawsuit accusing CDC officials of perpetrating a smear campaign against hedge fund Evolution Capital Management LLC, and another $7.4 million to...
To view the full article, take a free trial now.
Try Law360 for free for seven days
Already a subscriber? Click here to login

Already have access?

  1. Forgot your password?
  2. Sign In

Get instant access to the one-stop news source for business lawyers

Required