Insurers Owe F-Squared $7.7M In Defense Fees, Trustee Says

Law360, New York (November 13, 2017, 6:25 PM EST) -- The Chapter 11 trustee of F-Squared Investments Inc. on Friday said a pair of excess insurers owe it $7.7 million for the costs the firm ran up defending against the U.S. Securities and Exchange Commission action that bankrupted it, arguing the insurers are wrongly claiming the SEC probe started the day before the policies went into effect.

Trustee Craig Jalbert said Zurich Services Corp. and XL Global Services Inc. are improperly denying the excess policies they wrote for F-Squared to cover the legal expenses it incurred attempting to defend against the SEC suit that ended in a bankrupting $35 million settlement...

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