Tribune Media Can't Get Coverage For Stock Buyback Suits
Law360 (September 1, 2020, 4:49 PM EDT) -- An Illinois state court found that Tribune Media Co. isn't owed insurance coverage for its defense in litigation against its benefits plans over a buyback of the company's common stock, saying the lawsuits don't include the types of allegations that would trigger coverage.
Judge Raymond W. Mitchell on Monday sided with Illinois National Insurance Co., which issued a fiduciary liability policy to Tribune for the employee benefits plans, and U.S. Specialty Insurance Co., which issued an excess liability policy to Tribune. The judge said the policies only cover allegations relating to fiduciary obligations with respect to the benefits plans, not the plans in...
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