Judge: Settlement Payments To Stockholders Constitute ‘Loss’ Under D&O Policies

Mealey's (May 15, 2019, 10:44 AM EDT) -- WILMINGTON, Del. — Granting in part and denying in part motions for summary judgment in a coverage dispute arising from underlying stockholders’ claims against Dole Food Co. and its directors and officers, a Delaware judge on May 7 held that underlying settlement payments constitute “loss” under excess directors and officers liability insurance policies and that there are genuine issues of material fact regarding the policies’ written consent provisions and cooperation clauses (Arch Insurance Company, et al. v. David H. Murdock, et al., No. N16C-01-104-EMD, Del. Super., New Castle Co., 2019 Del. Super. LEXIS 227)....