Mealey's Banking & Finance - Prior Acts Exclusion Bars Coverage For Fraudulent Transfer Claims, Panel Affirms

Mealey's Banking & Finance - Prior Acts Exclusion Bars Coverage For Fraudulent Transfer Claims, Panel Affirms

ATLANTA - The 11th Circuit U.S. Court of Appeals on May 16 held that a directors and officers liability insurance policy's prior acts exclusion bars coverage for an underlying $15 million settlement arising from claims that a financial corporation's former executive officers breached their fiduciary duties (Clifford Zucker v. U.S. Specialty Insurance Co., 11th Cir., 15-10987, 2017 U.S. App. LEXIS 8585).

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