Int'l Bakeries Exec's Insurers Off Hook For $56M: 8th Circ.

Law360, New York (December 13, 2011, 5:59 PM EST) -- The Eighth Circuit on Tuesday affirmed a lower court's ruling that absolved six insurers from having to pay the $56 million settlement of a securities suit filed against an executive of formerly bankrupt International Bakeries Co. by its trustee U.S. Bank NA.

The three-judge panel said U.S. Bank, acting as receiver for creditors in International Bakeries' bankruptcy, could not collect the settlement it had agreed to with the company's former senior vice president of finance Paul Yarick because of a liability release made during the bankruptcy...
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