Delaware Dole Ruling Will Guide Allocation In D&O Policies

Law360 (March 27, 2020, 5:00 PM EDT) -- Directors and officers liability insurance policies often cover a settlement reached in the underlying litigation against directors and officers. Sometimes, the underlying litigation (be it shareholder class actions on breach of fiduciary duty or on violation of securities laws) is brought against defendants or upon matters that are both insured and uninsured under the D&O policies.

In such circumstances, the issue of allocation arises between covered and uncovered persons or matters, even when coverage is not disputed in general. Sometimes, the policy language will address allocation (such as requiring "best efforts" based on "relative legal and financial exposures") and sometimes it...

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