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The U.S. Court of Appeals for the Eleventh Circuit has certified three questions to the Supreme Court of Georgia so that it can determine (1) whether an insured was “legally obligated” to pay a securities claim, within the meaning of the insurance policy, and (2) whether an insured’s failure to obtain its insurer’s consent in advance to a settlement agreement barred the insured from seeking payment under the policy even if the insurer withheld unreasonably its consent to the settlement agreement.

The Case

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