Quellos Loses Appeal In Feud With Excess Insurers

Law360, Chicago (November 13, 2013, 9:20 PM EST) -- A Washington state appeals court on Tuesday upheld the dismissal of Quellos Group LLC’s lawsuit seeking excess insurance coverage for the legal fallout from a $240 million tax shelter scheme that sank the investment firm, finding that the underlying policies had not been exhausted.

In a 21-page opinion, the three-judge panel said a lower court made the right call when it granted summary judgment in the coverage dispute to Federal Insurance Co. and Indian Harbor Insurance Co., who issued excess professional liability insurance policies to Quellos...
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