FINRA Sues Insurer Over Costs Of Ex-Director's Bias Suit

Law360, New York (April 6, 2012, 5:42 PM EDT) -- The Financial Industry Regulatory Authority has sued Axis Insurance Co. for allegedly refusing to cover the regulator's defense in an ex-director's employment discrimination suit, according to a notice of removal filed Thursday.

According to FINRA, Axis initially said a $10 million employment practices insurance policy would pay for FINRA's defense against an ex-director who claims that he was fired because of his age. The insurer later backed away from its commitment, citing a technical problem with the claim, FINRA says in its complaint.

FINRA's insurance coverage...
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