Calamos Can't Tap Travelers Policy For Stockholder Suit Deal

Law360 (February 22, 2021, 6:03 PM EST) -- A Delaware federal judge has ruled that a Travelers unit doesn't have to help cover Calamos Asset Management's $22 million settlement of a consolidated stockholder class action over its 2017 merger with insider-controlled businesses, finding that the stockholders' suit didn't constitute a covered securities claim.

U.S. District Judge Maryellen Noreika granted summary judgment Friday to Travelers Casualty & Surety Co. of America, absolving the insurer of any coverage obligations under an excess directors and officers policy it issued to Calamos.

The Travelers policy followed the terms of Calamos' primary D&O policy with XL Specialty Insurance Co., which covered only losses stemming...

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