A San Francisco Bay Area securities brokerage firm’s professional liability insurance policy capped coverage at $1 million for its legal defense costs in underlying litigation over the sale of bonds tied to life insurance, a California federal court ruled.
The insurers that underwrote Emerson Equity LLC’s policy had exhausted their obligations when they paid that amount for the claims, the US District Court for the Northern District of California said in a Wednesday order.
Forge Underwriting Ltd., Voltane International Ltd., and certain underwriters on the Lloyd’s of London insurance market issued a securities broker-dealer professional liability policy to Emerson.
The ...
Learn more about Bloomberg Law or Log In to keep reading:
See Breaking News in Context
Bloomberg Law provides trusted coverage of current events enhanced with legal analysis.
Already a subscriber?
Log in to keep reading or access research tools and resources.