Press Release

Wiley Rein Secures Favorable Ruling in D&O Coverage Case

August 19, 2015

Wiley Rein secured a favorable ruling on behalf of an insurer in a directors and officers (D&O) coverage case. A team led by Insurance Practice partners Charles C. Lemley and David H. Topol persuaded a federal judge to deny former directors and officers of Puerto Rico’s R-G Premier Bank access to coverage under an excess policy because the limits of another policy have yet to be exhausted.

The August 17 opinion and order, covered by Law360, follows a motion filed in June by the directors and officers that sought advancement of defense costs under an “A-Side” policy. The Federal Deposit Insurance Corp. (FDIC) is seeking $257 million in damages allegedly caused by  the negligence of former directors and officers. In his opinion, U.S. District Judge Pedro A. Delgado-Hernandez denied access to the funds until the limits of a “management liability” policy are exhausted.

Mr. Lemley and Mr. Topol were assisted in the case, FDIC v. Galan-Alvarez, by Wiley Rein associate Frederick H. Schutt.

Read Time: 1 min

Related Professionals

Contact

Maria Woehr Aronson
Director of Communications
202.719.3132
maronson@wiley.law 

Molly Peterson
Senior Communications Manager
202.719.3109
mmpeterson@wiley.law

Jump to top of page

Necessary Cookies

Necessary cookies enable core functionality such as security, network management, and accessibility. You may disable these by changing your browser settings, but this may affect how the website functions.

Analytical Cookies

Analytical cookies help us improve our website by collecting and reporting information on its usage. We access and process information from these cookies at an aggregate level.