OneBeacon Can't Battle FDIC In Ga. Over D&O Coverage

Law360, New York (March 7, 2014, 5:33 PM EST) -- A Georgia federal judge on Wednesday held for the second time that a 1989 federal law blocked him from deciding whether OneBeacon Midwest Insurance Co. owed coverage for the Federal Deposit Insurance Corp.'s claims that former directors and officers of a failed bank caused $15 million in losses.

Rejecting OneBeacon's request for reconsideration, U.S. District Judge Richard Story stuck to his March 2013 holding that the court lacked jurisdiction over the coverage fight because of a broadly worded provision in the Financial Institutions Reform, Recovery and...
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.