9th Circ. Lets National Union Avoid $6.3M Coverage Payout

Law360, New York (February 6, 2013, 3:50 PM EST) -- The Ninth Circuit on Tuesday reversed a $6.3 million judgment against American International Group Inc. affiliate National Union Fire Insurance Co. of Pittsburgh, Pa., that was awarded to Genesis Insurance Co. as recovery for funds it paid to software maker Magma Design Automation Co. to settle a securities class action.

As Magma's secondary insurer, National Union should not have to foot the bill for the $5 million principal amount Genesis paid Magma and $1.3 million in prejudgment interest because Genesis failed to show that Magma's primary...
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