Coverage Denial For Ex-BDO CEO's Defense Costs Upheld
Law360 (September 16, 2020, 5:19 PM EDT) -- A Florida appeals court on Wednesday upheld a lower court ruling that backed insurance underwriters' denial of a request from the former CEO of accounting firm BDO Seidman LLP to recover millions in legal defense costs incurred in a criminal prosecution in which he was eventually acquitted.
The state's Fourth District agreed with the trial court's findings that the plain language of the policy, which covered a period from 2017 to 2018, did not allow Denis Field to recover the legal costs arising from his criminal prosecution, which played out between 2009 and 2013.
"In a thorough and well-reasoned opinion, the trial...
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