Magma Fails To Boot Genesis' $5M Coverage Suit

Law360, New York (December 21, 2010, 6:20 PM EST) -- A federal judge has refused to toss Genesis Insurance Co.'s suit seeking payback for $5 million paid on behalf of Magma Design Automation Inc. to settle a securities class action, rejecting the software company's contention that Genesis did not assert a full reservation of rights.

Email exchanges between counsels for Magma and Genesis show the latter clearly did not agree to limit its reservation of rights to other insurers and leave Magma out of the dispute, as Magma had contended, Judge James Ware ruled Monday in...
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