Axis, Great American Rescind GeoStar D&O Policies

Law360, New York (July 23, 2010, 7:31 PM EDT) -- A federal judge signed off Friday on a stipulation that allows Axis Reinsurance Co. and Great American Insurance Co. to rescind their directors and officers liability policies to GeoStar Corp., an energy company that came under fire from investors over its thoroughbred horse breeding business.

Judge Thomas L. Ludington of the U.S. District Court for the Eastern District of Michigan entered a stipulated judgment dismissing with prejudice three suits surrounding the embattled oil and gas developer's D&O policies and declared the policies rescinded.

According to the...
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