Insurers Must Cover $9M In Loral Atty Fees: NY Court

Law360, New York (February 22, 2011, 7:20 PM EST) -- A New York appeals court ruled Thursday that Loral Space & Communications Ltd.'s insurers must cover $8.8 million in attorneys' fees for a derivative suit over a financing deal, but not $10.7 million in fees for a related shareholder class action.

The Supreme Court of the State of New York, Appellate Division of the First Department issued the 3-2 ruling. In the underlying suits, Loral was ordered to pay Paul Weiss Rifkind Wharton & Garrison LLP the $8.8 million and Abrams & Laster LLP the $10.7...
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