SACRAMENTO, Calif. - A directors and officers liability insurer has adequately stated a claim for a declaratory judgment action, a California federal judge ruled Dec. 6, refusing to dismiss or stay the lawsuit that challenges coverage for a $23 million loss allegedly caused by an insured bank's directors and officers' negligence and breach of fiduciary duties (Progressive Casualty Insurance Company v. Michael L. Dalton, et. al., No. 2:12-cv-00713-MCE-CKD, E.D. Calif.; 2012 U.S. Dist. LEXIS 173423).