Judge OKs $9M LandAmerica Settlement With E&O Insurer

Law360, New York (September 22, 2011, 5:54 PM EDT) -- A Virginia bankruptcy judge on Thursday approved a $9 million settlement between errors and omissions insurer Illinois Union Insurance Co. and the liquidation trustee charged with recovering money for creditors of a LandAmerica Financial Group Inc. subsidiary over the sale of auction rate securities.

With the agreement, approved at a hearing by U.S. Bankruptcy Judge Kevin Huennekens, recoveries for many of the creditors of LandAmerica 1031 Exchange Services Inc. will be 70 percent, following previous settlements, including a $14.3 million settlement with SunTrust Banks Inc. in...
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