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Insurer Says Policy Won't Cover Claims Over $3B Verizon Deal

Law360 (February 23, 2018, 8:23 PM EST) -- U.S. Specialty Insurance Co. on Friday asked a federal judge to rule that it doesn’t have to defend IDT Corp. chairman Howard Jonas against a stockholder suit stemming from an IDT spinoff’s $3 billion wireless spectrum sale to Verizon, arguing that the spinoff isn’t covered by IDT’s policy.

In a complaint seeking declaratory relief, U.S. Specialty says that although Jonas is the chairman of IDT, his actions as alleged in the shareholders’ suit came as part of his role as the controlling stockholder of Straight Path...
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