Coverage Limits Fuel Push For Deals In Madoff Suits

Law360, New York (February 6, 2009, 12:00 AM EST) -- With litigation defense costs threatening to consume directors and officers and other insurance coverage limits for financial firms sued over losses in Bernard L. Madoff's alleged $50 billion Ponzi scheme, policyholders' attorneys have begun pushing for plaintiffs and defendants to enter into quick settlements in order to maximize payouts to aggrieved investors.

“It doesn't do the people who've lost money any good to have these insurance policies used up by defense costs,” said Jerry Oshinsky of the firm Gilbert Oshinsky LLP. “There is a community of...
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