Atos Demands Excess Coverage For $854M Trade Secrets Suit
Law360 (February 23, 2021, 4:12 PM EST) -- A subsidiary of French IT services giant Atos hit its excess insurer with a $10 million coverage suit in New York federal court Monday, saying an unfair competition exclusion in its policy doesn't absolve the insurer's obligation toward an $854 million trade secrets verdict.
The policyholders, led by Atos Syntel Inc., alleged Ironshore Indemnity Inc. breached its contract by refusing to pay the insurer's share of the verdict under its first-layer excess errors and omissions coverage now that the primary layer of a $25 million tower of E&O coverage has been exhausted.
"This action is precipitated by Ironshore's abandonment of its...
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