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D&O Insurer Ordered to Pay $12M in Dole Corp. Stockholder Flap The Delaware Supreme Court ruled Wednesday that RSUI Indemnity Co. must pay $12,321,096 to Dole Corp. toward the cost of a legal settlement with former shareholders who alleged they were cheated out of potential profits when executives manipulated the stock price before taking the company private. The high court rejected RSUI’s argument that coverage is not owed because public policy demands that corporate executives should not be allowed to profit from fraudulent acts by passing the cost along to their company’s directors and officers insurer. The court said, in fact, Delaware insurance’s statute specifically allows corporations “to purchase D&O insurance for liabilities arising from bad-faith conduct.” That does not mean the state condones fraud, the high court said in a 5-0 decision written by Justice Gary F. Traynor.

United statesWestlake villageMichael carterJustice garyf traynorLos angelesDole corpSupreme courtDelaware courtDelaware superior courtIndemnity coDelaware supreme courtJustice garyGeneral assemblyPresident michael carterSuperior courtஒன்றுபட்டது மாநிலங்களில்