We obtained a large insurance coverage settlement for a Colorado based company involved in a multi-million dollar banking fraud litigation. Our client, a principal in a products distribution company, was accused of fraudulent concealment in connection with a debt buyout from his company’s banking institution. After the bank filed suit, our client sought coverage under the company’s Director’s & Officer’s Liability insurance policy, but the insurer refused to pay defense costs and refused to indemnify our client as to the banking fraud claim, alleging that the events regarding the transaction and the individuals involved were not covered by the policy.
We filed suit in Colorado and had certain related Massachusetts litigation transferred and consolidated with the Colorado litigation. After filing a motion to force the insurer to pay our clients’ ongoing legal fees, we succeeded in pushing the insurer into a global settlement for a large, undisclosed amount. Partner Evan Schwartz litigated the case and obtained the settlement in the insurance coverage matter.
Evan S. Schwartz
Founder of Schwartz, Conroy & Hack