Insurer Must Cover Adviser In 'Rogue' Employee Suits

Law360 (July 24, 2020, 5:42 PM EDT) -- Financial adviser Shurwest LLC has gotten a win in a dispute with its insurer over coverage in 11 suits by investors alleging it played a part in a former employee's scheme to market structured cash flow products from another company, with an Arizona federal judge ruling that the insurer has a duty to defend the suits.

In an order filed Thursday, U.S. District Judge Susan R. Bolton partially granted a summary judgment motion by Shurwest in the suit by Landmark American Insurance Co., saying that Landmark had failed to show that Shurwest participated in the former employee's conduct, or that it...

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