Lloyd's, QBE, Others Sue Over $55M BDO Seidman Verdict

Law360, New York (April 20, 2011, 5:55 PM EDT) -- Lloyd's of London, QBE Insurance Ltd. and a host of insurers sued BDO Seidman LLP in New York state court on Monday that they will not cover a jury's $55 million punitive damages award over BDO's allegedly fraudulent audits of a failing Florida retirement home company.

The insurers, including Lloyd's of London, QBE Insurance Ltd., and the European arm of Liberty Mutual Insurance Co., said that their commercial professional indemnity policies, which provide a layered coverage of up to $200 million, explicitly exclude coverage for punitive...
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