Minnesota Panel Reverses Ruling On Interest Owed To Directors, Officers Insurer

ST. PAUL, Minn. - A Minnesota appeals panel on Jan. 14 affirmed a lower court's ruling that coverage for an underlying Consumer Fraud Act (CFA) claim against a loan provider insured is barred. The panel, however, reversed in part, finding that the insured is indebted for some interest on the approximately $270,000 in underlying defense costs advanced by the directors and officers liability insurer (Northstar Education Finance Inc. Appellant v. St. Paul Mercury Insurance Company, et al., No. A12-0959, Minn. App.; 2013 Minn. App. Unpub. LEXIS 32).

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