(May 24, 2019, 11:56 AM EDT) -- BOSTON — The First Circuit U.S. Court of Appeals on May 23 affirmed a lower federal court’s ruling in favor of an insurer in a pharmaceutical company insured’s breach of contract and breach of fiduciary lawsuit, finding that the insurer has no duty to defend the insured against an underlying action brought by the Securities Exchange Commission (Biochemics, Inc., et al. v. Axis Reinsurance Company, et al., No. 17-2059, 1st Cir., 2019 U.S. App. LEXIS 15326)....