IndyMac Execs Can't Tap $80M In D&O Coverage, 9th Circ. Told
By Evan Weinberger
Law360, New York (July 1, 2013, 8:14 PM EDT) -- ACE American Insurance Co. and others urged the Ninth Circuit on Friday to deny access to $80 million in directors and officers coverage to IndyMac Bancorp Inc.'s bankruptcy trustee, the Federal Deposit Insurance Corp. and the company's former officers and directors due to the timing of their claims.
ACE, Axis Insurance Co., Certain Underwriters at Lloyd's of London and others argued in a brief that claims the FDIC, the trustee and IndyMac's former officers and directors made to access eight separate D&O policies are all based...