Law360, New York (July 15, 2014, 2:05 PM EDT) -- On July 9, 2014, in yet another of the ever-growing line of cases examining whether or not separate directors and officers claims involving interrelated wrongful acts, District of Puerto Rico Judge Gustavo Gelpi, applying Puerto Rico law, held that the Federal Deposit Insurance Corp.'s claims against the former directors and officers of the failed Westernbank did not involve the "facts alleged" against the directors and officers in an earlier lawsuit, and therefore were not deemed made at the time of the earlier lawsuit. Because he found the FDIC's claims to be unrelated, the claims were covered by the policy in effect at the time the FDIC filed the claims rather than the prior policy that had been substantially eroded by the earlier claim....
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