Insurer Must Cover Warhol Foundation's $4.6M In Legal Fees
Law360, New York (December 10, 2012, 3:36 PM EST) -- The Andy Warhol Foundation for the Visual Arts on Friday prevailed in a New York state suit after a judge ruled its more than $4.6 million in legal fees stemming from art collectors' suits should be covered under a Philadelphia Indemnity Insurance Co. directors and officers policy.
New York Supreme Court Judge O. Peter Sherwood rejected PIIC's argument that a $10 million D&O policy it inked with the foundation should not apply due to a "professional services" stipulation, after determining that the art authentication services provided by the Warhol foundation were not unambiguously a professional service under the policy language....
Stay ahead of the curve
In the legal profession, information is the key to success. You have to know what’s happening with clients, competitors, practice areas, and industries. Law360 provides the intelligence you need to remain an expert and beat the competition.
Access to case data within articles (numbers, filings, courts, nature of suit, and more.)
Access to attached documents such as briefs, petitions, complaints, decisions, motions, etc.
Create custom alerts for specific article and case topics and so much more!