Refco Insurer Drops Former President From D&O Suit

Law360, New York (October 14, 2009, 1:22 PM EDT) -- Tone Grant, disgraced former president of the defunct commodities trading firm Refco Inc., has been let out of a lawsuit by insurer XL Specialty Insurance Co. after agreeing not to seek coverage for defense costs under his policy.

Imprisoned fraudster Grant, who led the Refco Group Ltd. LLC, became the latest of several former executives to be dismissed from XL's claims when he agreed to drop coverage claims, according to XL's stipulation of partial discontinuance, filed Tuesday in the U.S. District Court for the Southern District...
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