Loss Exclusion Bars D&O Coverage For Shareholder Suit, California Judge Rules

Mealey's (January 30, 2023, 10:40 AM EST) -- SAN MATEO, Calif. — A California judge held that a Loss Exclusion in a directors and officers liability insurance policy excludes coverage for Onyx Pharmaceuticals Inc.’s $26 million payment to settle an underlying shareholders’ class action, noting that exclusion “was not a provision slipped into a policy unexpectedly” but “was a part of the primary D&O policy for several years prior to the subject Claim.”...