Financial Broker StoneX Sues Insurers Over Trading Code Dispute

StoneX Group Inc., a financial services company, is suing its insurers seeking coverage for defense costs and potential liability from arbitration initiated by rival broker BTIG LLC accusing StoneX and its employees of misappropriating trade secrets.

XL Specialty Insurance Co.—an AXA SA unit and the primary directors and officers insurer in the case at hand—has improperly halted advancing defense costs for the arbitration, despite previously acknowledging potential coverage, StoneX said in a complaint filed Thursday in the Delaware Superior Court.

Liberty Mutual unit Ironshore Indemnity Inc., StoneX’s first-level excess insurer, has also denied coverage, contending the matters relate back to ...