GlobalAxxess Trustees Sue Arrowood Over $4M D&O Payout

Law360, New York (February 13, 2012, 4:08 PM EST) -- Arrowood Indemnity Co. owes the trustees of a bankrupt Florida company a $4 million payout after improperly denying coverage to two executives who were sued for fraud, according to a lawsuit removed to Florida federal court Friday.

The third-party complaint, originally filed in Florida state court in December, alleges Arrowood should have covered Stephen Musco and Benjamin Hern, two former executives at now-bankrupt American Employee Leasing Inc., later known as Axxess HR 1 and Inc., when the two were sued by a former employee for...
To view the full article, register now.