A U. S. subsidiary of Bermuda-based XL Capital Ltd. is seeking to avoid having to pay the costs of defending former officers and directors of scandal-plagued commodities and futures broker Refco Inc. in a slew of litigation brought by parties who claim they were defrauded.
XL Specialty Insurance Company, which is incorporated in Delaware and based in Hartford, Connecticut, claims an insurance policy it issued does not cover such losses because Refco was involved in fraudulent conduct before the policy became effective but hid the activity from XL.
XL seeks to avoid paying out under Refco D&O policy
17 years ago
Topics
Bermuda Fraud Insurance Investment Listed SecuritiesKeywords
Bermuda Insurance Market David Harkins Dennis Klejna Edwin Cox Eric Lipoff