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Howard B. Epstein and Theodore A. Keyes Howard B. Epstein and Theodore A. Keyes

In a unanimous decision issued in late October, the Delaware Supreme Court reversed a trial court ruling and held that an appraisal action is not a “Securities Claim” as defined in the applicable directors’ and officers’ (D&O) liability insurance policy. Consequently, the court ruled that the insured was not entitled to coverage for defense costs and pre-judgment interest incurred in connection with an appraisal proceeding. In re Solera Insurance Coverage Appeals, 2020 WL 6280593 (Del. Oct. 23, 2020).

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