Panel: No Coverage For U.S. Department Of Labor’s Lawsuit Against Insureds
(October 5, 2015, 11:08 AM EDT) -- SHREVEPORT, La. — A Louisiana appeals panel held Sept. 30 that there is no primary or excess fiduciary liability or directors and officers liability insurance coverage for an underlying lawsuit spawned by a federal investigation of insureds’ Employee Stock Ownership Plans (ESOPs) (Woody D. Bilyeu, et al. v. National Union Fire Insurance Company of Pittsburgh, Pa, et al., No. 50,049-CA, La. App., 2nd Cir.; 2015 La. App. LEXIS 1868).
(Opinion available. Document #13-151015-002Z.)
Woody and Mary Bilyeu were owners of Comm-Craft Inc., which installed satellite dishes....