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.
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