DC Court Revives Carlyle's Coverage Bid For Investor Suits
By Jeff Sistrunk (February 12, 2016, 7:58 PM EST) -- A D.C. appeals court on Thursday reversed a decision freeing 16 insurers from defending or indemnifying Carlyle Investment Management LLC against investor class actions over the demise of an offshore mortgage-backed securities investment fund, finding that a professional services exclusion does not unambiguously bar coverage.
A panel of the appellate court disagreed with D.C. Superior Court Judge Frederick Weisberg's conclusion that the private equity titan's primary and excess carriers, including Ace American Insurance Co. and Liberty Mutual Insurance Co., were not responsible for covering a slew of suits blaming misrepresentations and mismanagement for the defunct Carlyle Capital Corp. Ltd. fund's slide...
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