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BioChemics Not Covered For SEC Action, Axis Tells 1st Circ.

Law360 (May 11, 2018, 9:54 PM EDT) -- Axis Reinsurance Co. on Thursday urged the First Circuit to uphold a Massachusetts federal judge’s ruling that it doesn’t have to cover BioChemics Inc.’s costs to defend against U.S. Securities and Exchange Commission subpoenas and an enforcement action, saying the lower court properly found the claim predated the insurer’s policy.

In January 2015, U.S. District Judge Rya W. Zobel granted the insurance company’s motion for summary judgment, finding that because the SEC started its investigation of BioChemics via a nonpublic formal order in May 2011 —...
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