The 1st Circuit ruled Thursday that companies cannot recover the cost of fighting lawsuits or administrative cases alleging wrongful director or officer conduct unless the cases name the individuals as parties. Judge Bruce Selya wrote that directors and officers policies exist to protect corporate directors and officers, not corporations, from personal liability from lawsuits, and that the position advanced by the company in the case "would if accepted transmogrify D&O policies into comprehensive corporate liability policies."
October 12, 2009 at 12:00 AM
1 minute read
The original version of this story was published on Law.Com
The 1st U.S. Circuit Court of Appeals recently ruled that companies cannot recover the cost of fighting lawsuits or administrative cases alleging wrongful director or officer conduct unless the cases name the individuals as parties.
In a Thursday ruling in Medical Mutual Insurance Co. of Maine v. Indian Harbor Insurance Co., Judge Bruce Selya affirmed the District of Maine’s summary judgment for Indian Harbor.
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