"Plaintiffs had three policies: a D&O policy, fiduciary liability insurance, and excess fiduciary coverage. They were sued by the DOL following a formal investigation for selling stock to an ESOP at an inflated price, but the court ruled that the policies didn't cover the plaintiffs for the following reasons: [1] The policies didn't cover actions taken before the effective date. [2] The D&O policy didn't cover ERISA claims at all. [3] Plaintiffs failed to give notice of the claims during the policy period, where the claim was specifically defined as including an investigation by the [DOL] or the [PBGC]. [4] The excess coverage didn't kick in until the policy limits in the basic policies had been reached[.]" [Bilyeu v. Nat. Union Fire Ins. Co. of Pittsburgh, No. 50,049-CA (La. Ct. App. Sept. 30, 2015)]  MORE >>