Law360, New York (September 16, 2011, 11:05 PM EDT) -- A federal judge in Ohio ruled Friday that Great American Insurance Co. was exempt from covering defense costs for four convicted former executives of health care lender National Century Financial Enterprises Inc., whose alleged $3 billion securities fraud scheme bankrupted the company.
U.S. District Judge James L. Graham found that the fraud convictions against the former National Century executives release Great American from footing their defense costs under a provision in their insurance policy called the "dishonesty exclusion."
The executives booted from the directors and officers...
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