IndyMac Can't Seek Coverage Under D&O Policies: Judge

Law360, New York (August 29, 2011, 3:06 PM EDT) -- A California federal judge ruled Thursday that IndyMac Bancorp Inc. lacked standing to seek coverage for several underlying actions over its mortgage-backed securities dealings from 11 insurers that had issued it $160 million worth of directors and officers policies.

In granting 10 of the insurers' motions to dismiss, Judge R. Gary Klausner found that IndyMac's claim for declaratory relief against two layers of insurers — “ABC” insurers that provided coverage to both IndyMac and its former officers and directors, and “Side A” insurers that cover only...
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