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19Nov

California Court Broadens A D&O Policy’s Bump-Up Exclusion To Bump Out Coverage

Recently, a California state court expanded a “bump up” exclusion in excess D&O policies to bar coverage for a settlement of a shareholder class action lawsuit against Onyx and its directors and officers. The shareholders alleged that the directors and officers failed to maximize a buyer’s offer to purchase Onyx’s shares. By upholding the denial of coverage for the $30 million settlement, the court broadened the bump-up exclusion far beyond its traditional limited and intended application to...
By: Lowenstein Sandler LLP
Source Url: https://www.jdsupra.com/legalnews/california-court-broadens-a-d-o-policy-64133/

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