Insurer Denies Liability In FDIC Suit Over R-G Premier Collapse

Law360, New York (September 12, 2013, 5:50 PM EDT) -- XL Specialty Insurance Co. told a Puerto Rican federal judge on Tuesday that it’s not liable for covering a $417 million lawsuit alleging 19 former directors and officers of Puerto Rico's R-G Premier Bank helped precipitate one of the largest bank failures in the island's history.

XL filed a motion for partial summary judgment in the Federal Deposit Insurance Corp.’s suit against the R-G directors and officers, saying a prior acts exclusion in a policy it issued to the bank precludes coverage for any lawsuit based...
To view the full article, register now.
Law360 Pro Say Podcast
Check out Law360's new podcast, Pro Say, which offers a weekly recap of both the biggest stories and hidden gems from the world of law.