No Coverage Owed In Tax Co.'s Lancer Fraud Deal: Interstate

Law360, Chicago (October 10, 2012, 3:40 PM EDT) -- Interstate Fire & Casualty Co. hit American Express Tax & Business Services Inc. with a lawsuit in Illinois state court Tuesday, alleging it owes no coverage for the tax firm's settlement with the receiver of asset management company Lancer Management Group II LLC.

The coverage dispute stems from the action the U.S. Securities and Exchange Commission launched in July 2003 against Michael Lauer, the founder of hedge fund Lancer Partners, accusing him and Lancer II of fraudulently overstating the value of Lancer Partners' holding in companies...
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