Patriarch Partners Decision Confirms Government Subpoenas May Constitute a “Claim” Under D&O Policy; Warns Policyholders to Think Broadly When Representing Facts and Circumstances to Insurers

Facts keyboard button

Hunton insurance lawyers Mike Levine, Sergio Oehninger and Josh Paster discuss the impact of the Second Circuit’s recent opinion in Patriarch Partners, LLC v. Axis Insurance Co.

January 8, 2019
Michael S. Levine, Sergio F. Oehninger, & Joshua S. Paster - Hunton Andrews Kurth

The Second Circuit recently confirmed in Patriarch Partners, LLC v. Axis Insurance Co. that a warranty letter accompanying the policyholder’s insurance application barred coverage for a lengthy SEC investigation, which ripened into a “Claim” prior to the policy’s inception date. The opinion left intact the lower court’s finding that the SEC subpoena constituted a “demand for non-monetary relief” and thus qualified as a “Claim” under the directors and officers (D&O) insurance policy.

Reprinted courtesy of Hunton Andrews Kurth attorneys Michael S. Levine, Sergio F. Oehninger and Joshua S. Paster
Mr. Levine may be contacted at mlevine@HuntonAK.com
Mr. Oehninger may be contacted at soehninger@HuntonAK.com
Mr. Paster may be contacted at jpaster@HuntonAK.com



714.701.9180

Arrange No Cost Consultation










Subscribe to Construction Defect Journal

 

Construction Defect Journal is aggregated from a variety of news sources, article submissions, contributors, and information from industry professionals.

No content on this site should be construed as legal advice or expert opinion. By viewing this site you agree to be bound by its terms and conditions

 

Copyright 2019 - Construction Defect Journal – All Rights Reserved