Insurer Fends Off Genzyme's Bid For Coverage

Law360, New York (September 29, 2009, 1:36 PM EDT) -- Genzyme Corp. has lost a fight with its insurer over who should pick up the tab for a securities class action the biotechnology company settled with investors two years ago.

The $64 million question was answered Sept. 28 when Judge Nancy Gertner of the U.S District Court for the District of Massachusetts granted Federal Insurance Co.'s motion to dismiss Genzyme's case.

Genzyme filed its complaint against Federal Insurance claiming that its director and officer and corporate liability insurance policy covered losses it incurred in settling the...
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