Firm Seeks To Keep Win In Stock Overvaluation Coverage Suit

Law360 (April 6, 2021, 8:24 PM EDT) -- Stout Risius Ross has asked a Michigan federal judge to reject Great American Fidelity Insurance Co.'s second bid to escape coverage for a suit accusing the advisory firm of providing faulty stock valuations, saying the policy's ERISA and securities law exclusion doesn't absolve the insurer of its defense.

The advisory firm argued in Monday's filing that Great American must cover a suit by Appvion Inc.'s employee stock ownership plan over the firm's alleged overvaluation of stock. Great American, which was recently allowed to restart efforts to avoid coverage, must continue to defend, Stout Risius said.

"It simply cannot be concluded from...

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