Axis Dodges D&O Coverage For Martin Midstream Parent
Law360, New York (May 13, 2014, 1:58 PM EDT) -- A Texas federal judge on Monday let Axis Insurance Co. off the hook in a suit over costs stemming from a shareholder derivative suit that Martin Midstream Partners LP's parent company alleged it was owed under directors and officers policies, ruling that another insurer is liable before Axis’ policy is triggered.
U.S. District Judge K. Nicole Mitchell granted Axis’ Feb. 28 motion for summary judgment in hydrocarbon product distributor Martin Resource Management Corp.’s suit seeking costs under directors and officers and excess policies carrying $10 million limits for the settlement of a securities lawsuit that SKM Partnership Ltd. launched against it...
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