9th Circuit: No Directors, Officers Coverage For Mortgage-Backed Securities Claims
(February 9, 2016, 11:20 AM EST) -- PASADENA, Calif. — The Ninth Circuit U.S. Court of Appeals on Feb. 8 upheld a federal court’s ruling that there is no directors and officers liability coverage for underlying lawsuits alleging that the insured committed misrepresentations and omissions in the sale of approximately $120 million of mortgage-backed securities (Impac Mortgage Holdings Inc., et al. v. Houston Casualty Co., et al., No. 14-55071, 9th Cir.).
(Memorandum available. Document #13-160218-007Z.)
Impac Mortgage Holdings Inc. sued its insurers, Those Certain Underwriters at Lloyds, London, and Houston Casualty...