Specific Matter Exclusion Bars Coverage For Alleged Scheme, 9th Circuit Affirms

Mealey's (June 18, 2019, 2:12 PM EDT) -- PASADENA, Calif. — The Ninth Circuit U.S. Court of Appeals on June 14 affirmed a lower federal court’s ruling that an insurance policy’s specific matter exclusion bars coverage for underlying lawsuits alleging that an insured's directors and officers participated in a scheme to transfer encumbered properties to their relatives while avoiding banks' interests in the properties (Ocean Towers Housing Corporation v. Evanston Insurance Co., No. 17-56838, 9th Cir., 2019 U.S. App. LEXIS 17971)....