Energy Biz Secures Partial Coverage For Shareholder Suit

Law360 (May 3, 2021, 7:52 PM EDT) -- Scottsdale Insurance Co. is responsible for covering an energy solutions company for one, but not a second, breach of fiduciary claim in a shareholder suit, a California federal judge ruled Monday, saying exclusions relieve the insurer of coverage for the second claim.

U.S. District Judge Charles R. Breyer gave a split decision for Scottsdale and Stem Inc. on coverage for the suit brought by Stacey Reineccius, a former executive of Stem, against Stem's board of directors over two financial transactions; a 2013 Series B financing round and a $1.5 million loan in 2017.

"Scottsdale is liable for breach of contract to...

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