Master Servicer Proposed Course of Action As defined in Section 2.03(l). The insurance policy specifically provides coverage for both “Wrongful Acts” and “Securities Actions.” Because six of the eight counts in the Illinois Class Action are securities claims against International and the remaining two counts are breach of fiduciary duty, and that action consists of allegations of “Wrongful Acts” against the Outside Directors, the Illinois Class Action is covered by the plain language of the insurance policy.
In addition, the Illinois Class Action complaint alleges that the Outside Directors, by virtue of their positions at International, knew or were reckless in not knowing that public disclosures regarding certain of International’s asset sales and management services agreements were false or incomplete. PURSUANT TO THE TERMS HEREIN PRIOR TO THE FINAL DISPOSITION OF A CLAIM.57 In the instant motion, both the Outside Directors and International seek defense costs for the Illinois Class Action. THE PARTIES’ CONTENTIONS In this motion for partial summary judgment, the Plaintiffs seek advancement of defense costs for expenses incurred defending the Illinois Class Action.Įven though Defendants argue that Radler’s guilty plea imputes the exclusions to International, the Illinois Class Action includes transactions that were not part of Radler’s guilty plea. International has been funding the Illinois Class Action ongoing defense costs of the Outside Directors. In the Illinois Class Action, Plaintiffs are pursuing a single claim against Consolidated Travel for violations of the TCPA. This lawsuit asserts the same claim on behalf of the same Class against additional parties who authorized, directed, or participated in the illegal telemarketing campaign at issue in the Illinois Class Action. Some of the Defendants were named in the Illinois Class Action but later dismissed for lack of jurisdiction.
Plaintiffs assert that courts routinely decide an insurer’s defense obligations as a matter of law on summary judgment.33 Plaintiffs contend that it is undisputed that certain of the claims in the Illinois Class Action are securities claims. Examples of Illinois Class Action in a sentence
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