We use cookies on this site to enable your digital experience. By continuing to use this site, you are agreeing to our cookie policy. close

Underwriter Not Owed $5M In Liability Ins.: Court

Law360 (October 29, 2008, 12:00 AM EDT) -- The estate of a bankrupt underwriter of municipal bonds, Miller & Schroeder Inc., will not be able to collect insurance payments for the litigation costs, related to $140 million in defaulted bonds, that triggered the bankruptcy, the U.S. Court of Appeals for the Eighth Circuit has ruled.

The appeals court on Monday reversed a decision by the U.S. District Court for the District of Minnesota awarding $5 million to the Minneapolis-based Miller & Schroeder from Executive Risk Indemnity Inc.

The appeals court concluded that both the...
To view the full article, register now.
Law360 Pro Say Podcast
Check out Law360's new podcast, Pro Say, which offers a weekly recap of both the biggest stories and hidden gems from the world of law.