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Court Allows Contract Breach Claims Alleging Failure to Defend Stock-Drop Case
Bloomberg BNA Link to more items from this source
Sept. 2, 2014
"Federal Insurance Co. was unable to convince a federal district court in Nevada to dismiss complaints against the insurer for its failure to defend a gaming company in a stock-drop case, which the gaming company settled with its employees in June 2013.... [T]he court determined that the question of whether the securities exclusion applied to all of the ERISA claims asserted in the stock-drop case was still an unsettled question of material fact.... The court found that the securities exclusion was sufficiently ambiguous so as to require that the court err on the side of coverage for the ERISA claims and thus deny the summary judgment motion from Federal." [International Game Technology, Inc. v. Federal Insurance Co., No. 3:13-cv-00026 (D. Nev. Aug. 26, 2014)]

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