Mealey's ( January 21, 2026, 10:46 AM EST) -- RICHMOND, Va. — The Fourth Circuit U.S. Court of Appeals on Jan. 20 reversed a Maryland federal court’s grant of Under Armour Inc.’s motion for judgment on the pleadings in its directors and officers liability insurers’ lawsuit seeking a declaration that they owe no coverage for underlying investigations brought by the U.S. Securities and Exchange Commission and the U.S. Department of Justice, shareholder demand letters and a securities class action, holding that the insured’s public financial forecasts and accounting practices are a single claim under the policy because they are ‘logically or causally related” and, therefore, the insured is not entitled to additional insurance coverage under its 2017-2018 D&O policy....