A health-care investment firm sued its insurers for refusing to cover defense costs in litigation related to its investments in Chinese vaccine maker Sinovac Biotech Ltd., claiming the carriers violated their directors and officers insurance policies.
The complaint from Vivo Capital LLC, filed Wednesday in the US District Court for the Northern District of California, alleges the insurers denied coverage under policies providing up to $35 million from December 2022 through December 2023.
The dispute centers on multiple lawsuits filed against Palo Alto, Calif.-based Vivo last year following a court ruling that invalidated Sinovac’s board.
Vivo had acquired equity stakes ...
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