Denial of Coverage for Antitrust Claim Under Executive Liability Insurance Policy Upheld
Posted on Jul 31, 2019 in Insurance | Comments Off on Denial of Coverage for Antitrust Claim Under Executive Liability Insurance Policy Upheld
In Crowley Maritime Corp. v. National Union Fire Insurance Co. of Pittsburgh, 2019 WL 3294003 (11th Cir. July 23, 2019), the Eleventh Circuit affirmed a denial of insurance coverage under an executive and organization liability insurance policy. Crowley Maritime Corporation (“Crowley”) carries freight between the United States and Puerto Rico, and purchased liability insurance from...
Jury Verdict for FDIC vs. Failed Bank Directors, Officers Upheld
Posted on Jul 29, 2019 in Business Torts | Comments Off on Jury Verdict for FDIC vs. Failed Bank Directors, Officers Upheld
The Eleventh Circuit may have closed the final chapter in the long-running litigation over the failure of the Buckhead Community Bank by affirming a $5 million jury verdict against a group of the bank’s former directors and officers. FDIC v. Loudermilk, 2109 WL 3282609 (11th Cir. July 22, 2019). A previous, related court decision during the controversy had disrupted settled...
When Choosing a Policy with a “Prior Acts” Exclusion, Buyer Beware
Posted on May 17, 2017 in Insurance | Comments Off on When Choosing a Policy with a “Prior Acts” Exclusion, Buyer Beware
Bank directors ended up with no insurance coverage in Zucker v. U.S. Specialty Insurance Co., 2017 WL 2115414 (11th Cir. May 16, 2017). The Eleventh Circuit, applying Florida law, applied a “prior acts” exclusion from D&O coverage to allegedly fraudulent transfers which were made after the policy’s inception date but which arose out of bank officers’ alleged misconduct before the...