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...
To view the full article, register now.

UK Financial Services

UK Financial Services

Read Our Latest UK Financial Services Coverage

Financial Services Law360 UK provides breaking news and analysis on the financial sector. Coverage includes UK and European Union policy, enforcement, and litigation involving banks, asset management firms, and other financial services organizations.