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(California Insurance Code Section 5335(b) Bars Defense
of Insured for Action Brought by the Attorney General s Office
for Violation of California s Unfair Competition Law and False
advertising Law)
(July 2021) - In
Adir International,
LLC
v. Starr Indem. and Liability Co., 994 F.3d 1032
(April 15, 2021) ( AG lawsuit ), the United States Ninth
Circuit Court of Appeals affirmed the district court s
dismissal of a declaratory relief action filed by Adir
International, LLC ( Adir ) against Starr Indemnity and
Liability Company ( Starr ) arguing that a duty to defend
was owed under Starr s directors and officers policy for an
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The Delaware Supreme Court has issued two decisions over the past year that provide important guidance about directors’ and officers’ (D&O) liability insurance coverage. In
RSUI Indemnity Company v. Murdock, the Supreme Court affirmed decisions holding that losses due to the fraudulent actions of an officer or director of a Delaware corporation are insurable under Delaware law. As part of its analysis, the Supreme Court conducted and affirmed a choice-of-law analysis to determine that Delaware law applied even though the D&O policy was negotiated and issued in another state. In
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In a much-watched case, the Delaware Supreme Court has held that Delaware law governs a dispute regarding insurance coverage for a federal securities class action under D&O policies issued in California to a California company, where the company was incorporated in Delaware.
RSUI Indemnity Company v. Murdock, 2021 WL 803867 (Del. March 4, 2021). The Court also held that a breach of the duty of loyalty based on fraudulent conduct is insurable under Delaware law and the policies’ profit/fraud exclusion did not apply.
David Murdock, Dole Food Company’s CEO, took Dole private in 2013. After the transaction closed, Dole stockholders filed lawsuits in Delaware Chancery Court alleging a breach of fiduciary duty against Murdock and the company’s COO, Michael Carter, based on alleged manipulation of the company’s stock to an artificially low price. The suit was consolidated with another suit brought by stockholders seeki