$80M Ruling For IndyMac Insurers Too Broad, 9th Circ. Hears

Law360, New York (April 23, 2013, 4:06 PM EDT) -- IndyMac Bancorp Inc.'s bankruptcy trustee, the Federal Deposit Insurance Corp. and former IndyMac executives on Monday disputed a ruling that put $80 million of directors and officers coverage out of reach, asking the Ninth Circuit to interpret an exclusion for interrelated claims narrowly.

Filing five opening briefs with the Ninth Circuit, the parties challenged a California federal judge's holding that coverage for securities and other lawsuits against former executives at failed mortgage lender IndyMac and its subsidiary IndyMac Bank FSB was available only under one set of...
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