Insurers Off Hook For Office Depot's Costs: 11th Circ.

Law360, New York (October 13, 2011, 7:07 PM EDT) -- The Eleventh Circuit on Thursday backed a lower court's ruling in favor of two insurers sued by Office Depot Inc. over costs related to a U.S. Securities and Exchange Commission probe, finding its $24 million in legal fees were not covered by their policies.

The three-judge panel ruled that the language of Office Depot's policies with National Union Fire Insurance Co. of Pittsburgh, Pa., and American Casualty Insurance Co. unambiguously stated the legal costs that it would cover, which did not include costs stemming from its...
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