Gateway Seeks Quick Win In D&O Row Over SEC Defense

Law360, New York (May 3, 2011, 2:25 PM EDT) -- Gateway Inc. moved for summary judgment Tuesday in its California federal court suit against Travelers Indemnity Co., saying the insurer improperly denied excess coverage for the defense of Gateway's executives during an investigation and lawsuit by the U.S. Securities and Exchange Commission.

The SEC accused the company of fraud in 2003, saying Gateway executives manipulated accounting information to hide declining computer sales. The SEC investigation exhausted two policies, a $10 million primary policy issued by Lloyd's of London and a $10 million excess directors and officers...
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