Electric Vehicle Maker Gets Partial Win in D&O Insurance Dispute

Lloyd’s of London insurers failed to prove that all claims of mismanagement and unjust enrichment filed against directors and officers of electric vehicle maker Nu Ride Inc. were barred by a policy exclusion, a New York appellate panel ruled.

A review of the underlying cases revealed that at least some of the lawsuits could be viable and that Lloyd’s should pay defense costs for Nu Ride, according to a five-justice panel decision Tuesday from the New York Supreme Court, Appellate Division, First Department.

Lloyd’s policy spanning October 2020 to October 2021 contained a retroactive date exclusion that barred coverage for ...