Law360, New York (May 14, 2012, 8:56 PM EDT) -- RSUI Indemnity Co. told a Florida bankruptcy judge Thursday it is not liable for the defense costs of directors and officers of now-reorganized BankUnited Financial Corp. related to an investor class action and several investigations, saying their alleged misdeeds predated the $10 million policy’s coverage period.
RSUI provided the $10 million in excess D&O liability coverage to BankUnited and subsidiary BankUnited FSB for a one-year period beginning in 2007.
Various permutations of the 23 individuals named in the complaint, all officers or directors of one or...
Financial Services Law360 UK provides breaking news and analysis on the financial sector. Coverage includes UK and European Union policy, enforcement, and litigation involving banks, asset management firms, and other financial services organizations.