Platinum Execs Say Insurers Must Give Cash For Defense

Law360, New York (October 10, 2017, 9:06 PM EDT) -- Attorneys for hedge fund Platinum Partners and some of its executives on Tuesday pressed a New York state judge to force three excess insurers to advance money to cover their costs of defending against criminal charges over a purported $1 billion securities fraud scheme involving an offshore driller, saying the insurers are duty-bound to provide coverage.

Freedom Specialty Insurance Co., Atlantic Specialty Insurance Co. and Berkley Specialty Insurance Co. filed suit in May, claiming that they need not fund the Platinum defense since the fund falsely...
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