Insurer Can Resume Stock Overvaluation Suit Coverage Row
By Jeannie O'Sullivan (March 4, 2021, 7:53 PM EST) -- A Michigan federal judge ruled on Thursday that Great American Fidelity Insurance Co. can restart its bid to dodge coverage of a lawsuit accusing advisory firm Stout Risius Ross of faulty stock valuations, reasoning that the stock suit has been reduced to just one claim that's ineligible for coverage.
U.S. District Judge Laurie J. Michelson lifted the stay on Great American's lawsuit seeking a declaration that the complaint by Appvion Inc.'s employee stock ownership plan falls outside the bounds of Stout Risius' professional liability policy. The suit was stayed in June pending the outcome of the underlying claims that Stout Risius...
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