Standard Life Wins $162M To Cover Damage Control Payouts

Law360, New York (December 18, 2012, 3:23 PM EST) -- A U.K. appeals court ruled Tuesday that 11 insurers must cover the $162 million a Standard Life PLC unit paid to fend off potential lawsuits claiming it misled customers into investing into a pension fund with ties to risky asset-backed securities.

The Court of Appeal said the insurers were on the hook for the full amount sought by Standard, despite arguments that their professional indemnity policies only covered the company's costs for avoiding expected legal claims — not money that Standard spent to rescue its image...
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