Great American Tries To Buck GeoStar's D&O Claims

Law360, New York (June 25, 2009, 12:00 AM EDT) -- With oil-and-gas exploration company GeoStar Corp. already under fire for allegedly defrauding investors in an ostensibly tax-deductible thoroughbred-horse breeding scheme, Great American Insurance Co. has filed a new suit claiming the GeoStar defendants are not covered by the insurer’s excess directors and officers liability policies.

The complaint, lodged Wednesday in the U.S. District Court for the Eastern District of Michigan, claims the GeoStar defendants are not entitled to $20 million in excess D&O coverage as they face roughly 30 actions from outraged investors in the botched...
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