Panel: Bankruptcy Judgment Against Former CEO Is Not Insurable ‘Loss’ Under Policy
NEW ORLEANS - A bankruptcy judgment against a former chief executive officer of an oil and natural gas company is not an insurable "loss" under an executive and organization liability policy, the Fifth Circuit U.S. Court of Appeals held Feb. 10, affirming a lower court's ruling in favor of the insurer (In the matter of: TransTexas Gas Corp., et al., Nos. 08-41128 and 08-20401, 5th Cir.; 2010 U.S. App. LEXIS 2762). Full story on lexis.comFiled by admin at February 25th, 2010 under News