No Insurance Coverage For ICC Fraud Actions: Judge

Law360, New York (December 18, 2009, 6:02 PM EST) -- A judge has ruled that Quanta Lines Insurance Co. is not obligated to provide any coverage to policyholder Investors Capital Corp., a securities investment company, for arbitration proceedings arising from alleged fraudulent acts by one of the company’s former employees.

Judge Peter K. Leisure issued the order on Thursday in the U.S. District Court for the Southern District of New York finding that three specific policy provisions bar coverage for the proceedings, which asserted as much as $6 million in damages against ICC.

The arbitration proceedings,...
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