Insurer Off Hook For Impac's Defense In RMBS Lawsuits

Law360, New York (March 1, 2013, 2:42 PM EST) -- A California federal judge found Tuesday that Houston Casualty Co. wasn't obligated to front defense costs to Impac Mortgage Holdings Inc. under a directors and officers policy for a trio of actions over its purported mishandling of mortgage-backed securities offerings.

U.S. District Judge Josephine Tucker ruled in favor of Houston in a disputed interpretation of what constitutes a covered security under its policy with Impac, which covers the company only with respect to securities claims. While Impac argued that any security it bought and sold should...
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