HNRK Coverage Corner
On August 10, 2023, Judge Rennie of the Superior Court of Delaware issued a decision in a pair of cases, Viacom Inc. v. Paramount Global, C.A. N22C-06-016 SKR CCLD and Redstone v. ACE American Insurance Co., C.A. No. N22C-06-020 SKR CCLD, ruling that a D&O policy’s “bump-up” exclusion did not apply to losses arising from a merger transaction.
The coverage dispute arose from a 2019 transaction through which Viacom merged with CBS. As a result of the all-stock transaction, “all assets of Viacom ‘vest[ed] in CBS, and CBS was the surviving corporation.” Shareholders ...
On July 13, 2023, the Eleventh Circuit issued a decision in Continental Casualty Co. v. Winder Laboratories, LLC, Case No. 21-11758, resolving an issue of first impression under Georgia law—whether an insurer can recoup defense costs it paid under a duty to defend policy upon a finding that the insurer has no duty to indemnify the insured. The Court ruled that such recoupment is not permitted unless the policy expressly provides for it, explaining:
As an initial matter, we disagree with the insurers’ argument that there is a clear “majority” rule favoring recoupment across ...
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Recent Posts
- Delaware Bankruptcy Court Rules That Qui Tam Action Filed Under Seal—and Never Served—Triggers D&O Policy’s Prior and Pending Litigation Exclusion
- “Related Acts” and the Claims Made Policy—The Policy Provision that “Cannot Be Applied Literally”
- California Court Rules that FTC’s Civil Investigative Demand is Not a Covered Claim Under Technology Errors and Omissions Policy
- Delaware Court Dismisses D&O Coverage Action as Premature Under Policy’s “No Action” Clause
- Chubb Prepares to Pay $350 Million to State of Maryland for Baltimore Bridge Collapse
- Sixth Circuit Rules That Insurer is Entitled to Reimbursement of Defense Costs, Holding That Reservation of Rights Letter Created an Implied-In-Fact Contract
- Fifth Circuit Holds Contract Exclusion Does Not Bar Defense Coverage for Ticket Holders Lawsuit Arising From Festival Cancelled During Covid-19 Pandemic
- HNRK Secures Win for Syngenta in Insurance Coverage Appeal at Delaware Supreme Court
- New York Court Considers Evidence Regarding Insurers Handling of Prior Claims in Denying Insurer’s Motion for Summary Judgment
- HNRK Insurance Recovery Partners Author Article for Chambers 2024 Global Practice Guide
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