Judge Expands Coverage For FDIC's $176M D&O Claims
Law360, New York (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...
Stay ahead of the curve
In the legal profession, information is the key to success. You have to know what’s happening with clients, competitors, practice areas, and industries. Law360 provides the intelligence you need to remain an expert and beat the competition.
Access to case data within articles (numbers, filings, courts, nature of suit, and more.)
Access to attached documents such as briefs, petitions, complaints, decisions, motions, etc.
Create custom alerts for specific article and case topics and so much more!