Court Lets Arthur Andersen's Insurer Off The Hook

Law360 (April 9, 2008, 12:00 AM EDT) -- A federal appeals court has overturned a $5 million judgment that ordered the insurer of defunct auditor Arthur Andersen LLP to cover the firm's liability to retired employees who lost their pensions when Enron collapsed.

In a decision handed down on Wednesday, the U.S. Court of Appeals for the Seventh Circuit ruled Federal Insurance Co. had no obligation to indemnify the accounting firm for unpaid pension benefits because the claims were not covered by its policy.

Nor was the insurer required to defend Arthur Andersen in court, since the firm had already retained Mayer Brown for that purpose, the appeals court...

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