By Geoffrey Fehling, Steven Haas and Syed Ahmad (November 24, 2020, 4:02 PM EST) -- In a much-anticipated decision governing the rights of many Delaware companies to access insurance to protect against losses incurred in connection with stockholder appraisal proceedings, the Delaware Supreme Court reversed a lower court ruling and held that Solera Holdings Inc.'s $39 million insurance claim under directors' and officers' policies did not trigger coverage for securities claims.
The Oct. 23 decision can pose hurdles for policyholders attempting to secure securities-related D&O coverage in Delaware but highlights several issues suggesting that the result will not necessarily be followed in other jurisdictions evaluating similar coverage questions.
A private equity firm acquired Solera in 2016, giving rise...
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