Law360, New York (March 31, 2017, 3:20 PM EDT) -- Public company directors and officers insurance policies typically provide coverage for the corporate entity only for "securities claims." A recent case, Verizon Communications Inc. et al. v. Illinois National Insurance Co. et al., in the Delaware Superior Court involved the question of whether a bankruptcy trustee's claim related to Verizon's multibillion-dollar spinoff of its electronic directories business was a "securities claim." In an interesting and detailed opinion dated March 2, 2017, and released March 15, 2017, Judge William C. Carpenter Jr. ruled that the bankruptcy trustee's claim was a "securities claim" within the meaning of Verizon's D&O insurance policy, and therefore Verizon's insurers were liable for the costs incurred in defending against the trustee's claim. The opinion makes for interesting reading for anyone interested in how these kinds of disputes can arise, and also has some important practical lessons....