D&O Insurer Must Defend Bank In Suit, 7th Circ. Hears

Law360, Chicago (March 30, 2012, 5:46 PM EDT) -- St. Paul Mercury Insurance Co. must defend Strategic Capital Bancorp Inc. and two employees under a directors and officers liability policy in an investor suit, even though some underlying plaintiffs are insured under the same policy, a plaintiffs' attorney told the Seventh Circuit on Friday.

Bank holding company SCBI, its employee co-defendants and the investors who sued them have joined in a consolidated appeal to try to revive their declaratory judgment action against St. Paul, arguing that an Illinois federal court erred by finding that coverage...
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