Directors, Found Liable, Must Foot Own Legal Fees For Now

Law360, New York (August 13, 2013, 1:18 PM EDT) -- A Delaware judge on Monday slapped down two directors of a Texas oil company seeking insurance coverage of their legal bills, ruling that getting a plaintiff to trim fraud and other claims isn't enough of a victory to merit coverage.

Bill Huff and Richard D’Angelo were found liable in September 2012 by a Texas jury for hijacking from Longview Energy Co., on whose board they serve, the opportunity to buy about 46,000 acres of south Texas oil and gas land. Huff, founder of private equity firm...
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