Putnam Seeks Coverage, Payment From ACE For SEC Probe
Law360 (August 22, 2019, 5:18 PM EDT) -- Putnam Investment Management sued its insurer Thursday in Massachusetts federal court in an effort to force ACE American Insurance to honor a policy it says covers defense costs stemming from a U.S. Securities and Exchange Commission probe into the company.
Putnam is seeking declaratory relief and "damages for breach of contract and willful violation" over ACE's unwillingness to provide coverage for the SEC probe, which the investment management firm's suit said has generated over $4.5 million in defense costs.
ACE, a unit of Chubb Ltd., acknowledged in September 2017, six months after the SEC said Putnam is suspected of alleging violating...
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