Bump-Up Exclusion Bars D&O Coverage For $90M Settlement Over Merger, Panel Affirms

Mealey's ( May 29, 2025, 1:10 PM EDT) -- RICHMOND, Va. — The Fourth Circuit U.S. Court of Appeals on May 28 affirmed a lower federal court’s holding that a “bump-up” exclusion unambiguously precludes directors and officers liability insurance coverage for the $90 million settlement of two underlying lawsuits arising from a 2015 merger including $17,626,730 of the total settlement that ultimately went toward attorney fees....

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