Hertz Fights Insurers' Bid To Escape $23M SEC Coverage Suit

Law360 (July 31, 2020, 10:01 PM EDT) -- Hertz has urged a New York federal judge to reject a bid by insurers to escape a suit seeking coverage of a $23 million legal bill relating to a U.S. Securities and Exchange Commission probe, arguing that an SEC formal order is no different from an actual lawsuit covered by its policies.

Hertz said Thursday that National Union Fire Insurance Co. of Pittsburgh, Pa., a unit of AIG, and U.S. Specialty Insurance Co.'s arguments that a "securities claim" is only covered if a real lawsuit is filed against Hertz does not have legal ground. The SEC's formal order is the "functional...

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