BioChemics Can't Revive SEC Probe Coverage Bid At 1st Circ.
Law360 (May 23, 2019, 7:38 PM EDT) -- The First Circuit affirmed a district court ruling Thursday that Axis Insurance Co. had no duty to cover BioChemics' costs to defend against an investigation and enforcement action by the U.S. Securities and Exchange Commission, saying the grounds for an insurance claim kicked in before BioChemics was covered.
A three-judge panel rejected BioChemics' contention that the SEC's decision to open an investigation into the company in May 2011 and its issuing of subpoenas in 2012 constituted grounds for two different claims and that the latter should be covered. The panel cited a provision in the insurance policy that says two otherwise distinct...
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