Prior Acts Exclusion Does Not Bar D&O Coverage, Plan Administrator Argues

(January 27, 2016, 12:56 PM EST) -- ATLANTA — The plan administrator of a financial corporation that filed for bankruptcy protection has asked the 11th Circuit U.S. Court of Appeals to overturn a federal district court’s finding that a directors and officer liability insurance policy’s prior acts exclusion bars coverage for an underlying $15 million settlement with two of the corporation’s former executive officers accused of breaching of their fiduciary duties (Clifford Zucker v. U.S. Specialty Insurance Co., 11th Cir., 15-10987).

On May 22, 2009, BankUnited Financial Corp. (BUFC) and two of its...
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