Del. TIAA Case May Reshape Disgorgement Claims Coverage
Law360 (June 5, 2018, 2:41 PM EDT) -- Delaware’s high court will hear arguments Wednesday in three insurers’ appeal of a judgment requiring them to cover TIAA’s costs to defend and settle class actions alleging that the retirement services giant profited from fund-transfer delays, and attorneys say a ruling affirming the award could help policyholders secure coverage of suits seeking disgorgement of illicit gains.
Primary insurer Illinois National Insurance Co. and excess carriers Ace American Insurance Co. and Arch Insurance Co. are asking the Delaware Supreme Court to upend a state court’s holding under New York law that TIAA’s costs in connection with a trio of underlying class actions...
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