ERII Liable For $22M Arbitration Award: Calif. Court

Law360, New York (February 23, 2009, 12:00 AM EST) -- A California appeals court has overturned a trial court’s ruling that Executive Risk Indemnity Inc. is not obligated to cover a $22 million arbitration award against an investment firm policyholder because it was not party to the proceedings.

The California Court of Appeals of the First Appellate District ruled on Friday in favor of appellant Reese Jones, a former client of financial and investment services firm STARS Holding Co. Inc. who had sued the firm in March 2003 for faulty financial planning and investment advice....
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