Judge OKs Excess Insurer's Suit Against SafeNet

Law360, New York (December 8, 2010, 4:53 PM EST) -- A federal judge has ruled that Federal Insurance Co. can move forward with a suit against SafeNet Inc. that argues the cybersecurity company voided its right to $10 million of excess liability insurance when it settled a stock options backdating case with the U.S. Securities and Exchange Commission.

SafeNet failed to prove either that indispensable parties were absent from the lawsuit or that the case itself was simply unripe for adjudication, according to Tuesday’s order from Judge Naomi Reice Buchwald of the U.S. District Court for...
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