Aegis To Pay Adelphia Execs Legal Fees
NU Online News Service, March 26, 8:37 a.m. EST?A federal judge ruled that the directors-and-officers insurance carrier for the now-bankrupt Adelphia Communications could pay up to $1.5 million for defense costs to the five former executives fighting fraud charges in a New York court.[@@]
In granting summary judgment to the five defendants, issued late last week, Judge Michael Baylson, sitting in Philadelphia, ruled that the Bermuda-based insurer Associated Electric & Gas Insurance Services (Aegis) must pay the executives' defense costs, up to $300,000 to each executive. The judge also ruled that the company cannot rescind the policy until the courts decide it can do so.
Want to continue reading?
Become a Free PropertyCasualty360 Digital Reader
Your access to unlimited PropertyCasualty360 content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- All PropertyCasualty360.com news coverage, best practices, and in-depth analysis.
- Educational webcasts, resources from industry leaders, and informative newsletters.
- Other award-winning websites including BenefitsPRO.com and ThinkAdvisor.com.
Already have an account? Sign In
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
