Business Services Industry
AEGIS filing argues Chapter 11 plan limits WorldCom D&O cover.(News)
Business Insurance, September, 2003
Byline: DOUGLAS McLEOD NEW YORK-WorldCom Inc.'s proposed bankruptcy reorganization plan is raising a new round of arguments in the company's longstanding legal feud with its excess directors and officers liability insurers. One of those insurers, Bermuda-based Associated Electric & Gas Insurance Services Ltd., contends in its latest court filing that the terms of the reorganization plan effectively eliminate the liability of most of the excess insurers for any WorldCom D&O claims.
The filing, in U.S. Bankruptcy Court in New York, seeks to dismiss a declaratory judgment action that WorldCom filed in January against AEGIS and five other excess insurers that participated on its $100 million D&O and $50 million fiduciary liability programs. The Clinton,...
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