StarMedia Execs Sue For $2.5M In D&O Coverage

Law360, New York (July 14, 2011, 1:38 PM EDT) -- Three executives of StarMedia Network Inc., an Internet company accused by securities regulators of overstating revenues by $18 million over two years, sued their insurer in New York state court Wednesday, seeking more than $2.5 million in excess directors and officers coverage.

TIG Insurance Co. issued an excess D&O policy to StarMedia's executives, and its obligation came due in December, when the company exhausted $10 million in underlying D&O coverage, according to the executives' complaint.

Former StarMedia Controller and Vice President Peter Morales and former senior...
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