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2 Fired Execs' $11M ERISA Deal Not Covered, Insurer Says

Law360 (June 11, 2018, 9:33 PM EDT) -- Federal Insurance Co. is suing a bean producer in Colorado federal court to get out of paying for an $11 million settlement it reached with two fired executives, saying a litany of exclusions apply to bar coverage for the deal.

In a complaint for declaratory judgment filed Friday, Federal gives a half-dozen reasons why the settlement reached between Trinidad Benham Corp. and two of its former executives isn’t covered under the claims-made ForeFront Portfolio 3.0 policy issued to Trinidad.

Not only does the deal fall under...
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