Excess Director Pay Claims Are Insurable, 5th Circ. Told

Law360, Los Angeles (August 10, 2017, 6:33 PM EDT) -- Oceaneering International Inc. and its directors on Wednesday urged the Fifth Circuit to reverse a ruling saying that Twin City Fire Insurance Co. doesn't have to cover the potential settlement of a shareholder derivative action alleging that the directors received excessive compensation, contending that such a deal is insurable under Texas law.

In a February report and recommendation that was later adopted by a district judge, U.S. Magistrate Judge Nancy K. Johnson agreed with Twin City that if Oceaneering reaches a settlement in the still-pending derivative...
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