7th Circ. Questions If AIG Can Ditch Covering Emmis Defense

Law360 (May 30, 2019, 7:22 PM EDT) -- An AIG unit might have relied on too broad a reading of a "specific event" exclusion when it denied coverage to Emmis Communications Corp. after shareholders sued the radio broadcasting company following a failed go-private attempt, a Seventh Circuit judge said during oral arguments on Thursday.

AIG's Illinois National Insurance Co. is aiming to upset a lower court's ruling that the exclusion in Emmis' policy doesn't apply and it must cover $4.1 million in defense costs for a suit brought by the Corre Opportunities Fund. COF, a preferred shareholder in Emmis, had claimed that Emmis and its board tried to strip preferred...

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