Twin City Fights $1M Claim Over Key Legal Costs

Law360, New York (February 10, 2009, 12:00 AM EST) -- Twin City Fire Insurance Co. has asked a court to rule that it has no duty to pay Key Energy Services Inc. nearly $1 million to cover the costs of securities and derivatives class action settlements because the oil services company did not exhaust lower levels of excess directors and officers liability coverage.

In a lawsuit filed Monday in the U.S. District Court for the Southern District of Texas, Twin City argued that it should not have to pay out about $915,000 in second-level excess insurance...
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