Insurer Not Liable For Top Coverage In SEC Fraud Suit

Law360, New York (October 27, 2009, 5:35 PM EDT) -- A federal appeals court has affirmed a ruling denying $2.5 million in “top” coverage under a directors and officers liability insurance policy provided to executives of now-defunct Fischer Imaging Co., who were accused of securities fraud by the U.S. Securities and Exchange Commission.

The U.S. Court of Appeals for the Tenth Circuit on Monday handed down an opinion in favor of Twin City Fire Insurance Co., a division of The Hartford Financial Services Group Inc., finding that the appellants were excluded from coverage since some of...
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