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The Delaware Supreme Court has held that Delaware law, rather than Montana law, applies in a dispute over D&O coverage for defense costs incurred in a stockholder appraisal action. ....
In Short The Situation: Corporate policyholders, and their individual officers and directors, often incur significant fees and costs when forced to respond to government subpoenas that may require extensive document productions and testimony.When responding to subpoenas, policyholders too often overlook whether their directors and officers ( D&O ) coverage may cover costs associated with those responses. The Result: Many courts have held that a subpoena constitutes a claim as defined in most traditional D&O insurance policies, and similarly have held that the subpoena need not allege an express wrongful act to trigger coverage for defense costs. Looking Ahead: Policyholders should carefully ....