Liberty, Ace Must Defend Hilco Appraisal Units, Ill. Court Says

Law360, New York (March 17, 2014, 8:31 PM EDT) -- An Illinois appeals court ruled Monday that Liberty Surplus Insurance Corp. and an Ace Ltd. insurer had a duty under professional liability policies to defend two Hilco Trading LLC subsidiaries against claims that they "grossly inflated" loan collateral appraisals.

Reversing a lower court's decision, the appeals court accepted Hilco Appraisal Services LLC and Hilco Enterprise Valuation Services LLC's arguments that the underlying suits involved professional services provided to a “third party,” as required by Liberty and Ace unit Illinois Union Insurance Co.'s policies.

The dispute was...
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.