Sophisticated-Insured Exception To Exclusion Not Applicable, Majority Affirms
Mealey's (August 13, 2015, 2:05 PM EDT) -- NEW ORLEANS — A majority of the Fifth Circuit U.S. Court of Appeals on Aug. 12 affirmed a lower federal court’s ruling that the sophisticated-insured exception to a directors and officers liability insurance policy’s wrongful acts exclusion is inapplicable (Certain Underwriters at Lloyds London, et al. v. Bruce Perraud, et al., No. 14-10849, 5th Cir.).
(Opinion available. Document #13-150820-007Z.)
R. Allen Stanford, directly or indirectly through wholly owned corporations, owned 100 percent of more than 130 separate entities known collectively as the Stanford Financial Group (SFG)....