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Enron Faces Fight over Use of Liability Insurance Policies to Pay Legal Fees.
Knight Ridder/Tribune Business News, February, 2002
By Eric Berger, Houston Chronicle Knight Ridder/Tribune Business News
Feb. 24--Enron directors and officers have asked a federal bankruptcy judge to let them use tens of millions of dollars in liability insurance to pay mounting legal fees.
But at least two insurance companies intend to fight the request, saying Enron misrepresented itself when the policies were issued.
The policies cover up to $350 million in attorneys' fees and claims stemming primarily from shareholder lawsuits brought against Enron's board of directors and top executives.
Another $95 million is provided for defense against lawsuits brought by members of the company's employee-benefits plan.
Although insurers' claims of misrepresentation by...
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