Solera Can Press Bid For $39M Coverage Of Appraisal Action

Law360 (July 31, 2019, 8:47 PM EDT) -- Ruling on an issue of national first impression, a Delaware judge held Wednesday that an appraisal action is a covered securities claim under a directors and officers insurance policy, allowing Solera Holdings Inc. to continue pursuing $39 million in coverage for costs it incurred in stockholders' challenge to its buyout by Vista Equity Partners LP.

Delaware Superior Court Judge Abigail LeGrow denied a motion for summary judgment brought by a host of Solera's excess D&O insurers, including Chubb Ltd. units Federal Insurance Co. and Ace American Insurance Co. Solera is looking to force the carriers to cover its costs to defend...

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