D&O Policy Excluding “Receiver” Claims Bars Coverage for FDIC Failed Bank Lawsuit

By | The D&O Diary | April 22, 2014
D&O Policy Excluding “Receiver” Claims Bars Coverage for FDIC Failed Bank Lawsuit

In an interesting April 7, 2014 opinion (here), Magistrate Judge Stanley A. Boone of the Eastern District of California, applying California law, held that a D&O insurance policy’s insured vs. insured exclusion precludes coverage for claims brought against former officers of the failed County Bank of Merced, California by the FDIC in its capacity as the failed bank’s receiver.