5th Circ. Tosses Oil Co.'s Bid For Class Action Coverage
By Daphne Zhang (September 21, 2021, 8:39 PM EDT) -- The Fifth Circuit has freed a Chubb unit from having to cover Martin Resource Management Corp.'s defense costs in two class actions, agreeing with a lower court that underlying litigation didn't trigger the Texas oil company's fiduciary liability coverage.
A three-judge panel ruled Monday that Federal Insurance Co. properly denied coverage for Martin's reimbursement of legal bills incurred by an investment management company, Wilmington Trust NA, in two Employee Retirement Income Security Act class actions.
According to court records, the class actions alleged that Wilmington Trust mismanaged the Martin employees' stock ownership plan but never named Martin as a defendant. There...
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