January 07, 2019
A Second Circuit panel has declined to revisit its recent decision that Axis Insurance Co. doesn't owe Lynn Tilton's Patriarch Partners LLC $5 million to cover the costs of a U.S. Securities and Exchange Commission investigation and enforcement action, according to an order filed Monday.
December 06, 2018
The Second Circuit on Thursday affirmed that Axis Insurance Co. doesn't owe Lynn Tilton's Patriarch Partners LLC $5 million to cover the costs of a U.S. Securities and Exchange Commission investigation and enforcement action, saying coverage is barred because Patriarch was aware the SEC had the firm in its crosshairs before the Axis policy went into effect.
October 15, 2018
A Second Circuit panel didn't seem convinced by businesswoman Lynn Tilton's company that Axis Insurance Co. should be made to cover up to $5 million in legal fees incurred during a Securities and Exchange Commission investigation, expressing skepticism at how Patriarch Partners LLC interpreted its directors and officers insurance policy.
March 16, 2018
Axis Insurance Co. on Friday urged the Second Circuit to uphold a New York federal court's ruling that it doesn't owe Lynn Tilton's Patriarch Partners LLC $5 million to cover the costs of an SEC investigation and enforcement action, saying the lower court properly concluded that coverage is barred because the probe predated the insurer's policy.
January 09, 2018
Courts around the country are set to grapple with critical coverage issues under directors and officers insurance policies in 2018, including at what point a U.S. Securities and Exchange Commission investigation triggers coverage and when an insurer can withhold consent for a policyholder's settlement.