Judge Expands Coverage For FDIC's $176M D&O Claims
By Bibeka Shrestha (July 9, 2014, 8:11 PM EDT) -- A Puerto Rico federal judge on Wednesday rejected insurers' attempts to apply an insured v. insured exclusion to the Federal Deposit Insurance Corp.'s claims seeking $176 million from former executives of Westernbank Puerto Rico, while expanding coverage in a policy year the insurers argued was out of reach.
U.S. District Judge Gustavo Gelpi sided against American International Group Inc. and other insurers on summary judgment motions in a coverage battle stemming from the FDIC's litigation seeking damages from Westernbank's former directors and officers after the agency took over as the bank's receiver.
AIG argued that the FDIC had stepped into the...
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