Clear Channel Outdoor Loses to AIG Over SEC Investigation Costs

Advertising company Clear Channel Outdoor Holdings Inc. isn’t entitled to insurance coverage for costs it incurred responding to an SEC probe that led to a $26 million settlement in 2023, a Delaware court ruled.

A policy issued by an American International Group Inc. unit to cover individual directors and officers excludes an investigation into Clear Channel as a company, the Delaware Superior Court said in a nonpublished ruling this week.

The $20 million insurance policy also doesn’t cover an agreement with the Securities and Exchange Commission to pause the statute of limitations during its probe into Clear Channel, Judge Patricia ...