Del. Justices' Solera Ruling Curbs D&O Coverage Scope
Law360 (October 27, 2020, 4:10 PM EDT) -- The Delaware Supreme Court continued its trend of limiting the reach of directors and officers insurance when it held last week that a stockholder appraisal action challenging Solera Holdings Inc.'s buyout by Vista Equity Partners did not trigger the coverage for securities-related claims in Solera's excess D&O policies.
In a decision issued Friday, a unanimous Delaware high court said a state judge erred in July 2019 when she ruled that the underlying appraisal action constituted a securities claim, which is defined in Solera's D&O policies as a claim for any "actual or alleged" violation "of any federal, state or local statute,...
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