Insurer Slips Covering Software Co. Fraud Suit

Law360, New York (October 10, 2013, 3:06 PM EDT) -- A Missouri federal judge on Wednesday relieved a Tokio Marine Holdings Inc. insurer of defending or indemnifying a software implementation company accused of fraudulently winning a client's business, saying the company hadn't promptly come clean to the insurer about its probable liability.

U.S. District Judge Catherine D. Perry issued a declaration taking Philadelphia Insurance Cos. off the hook for coverage of LSi-Lowery Systems Inc., which stands accused in an Ohio federal lawsuit of pushing accounting software products on a fastener distribution company despite knowing the systems...
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