Lloyd's, LandAmerica Strike $38M Deal In E&O Coverage Row

Law360, New York (January 26, 2012, 5:49 PM EST) -- The trustee liquidating a LandAmerica Financial Group Inc. subsidiary asked a Virginia bankruptcy court on Thursday to approve a nearly $38 million settlement with Lloyd's of London underwriters over errors and omissions insurance policy claims.

Gerard A. McHale Jr., liquidation trustee for LandAmerica 1031 Exchange Services Inc., said the settlement is a good alternative to a protracted legal battle for insurance coverage against the claims of 1031 exchange customers and government investigations. Those claims hinge on LES's use of auction rate securities and the companies' liquidity...
To view the full article, register now.
Law360 Pro Say Podcast
Check out Law360's new podcast, Pro Say, which offers a weekly recap of both the biggest stories and hidden gems from the world of law.