Fortune 100 company wins unanimous London arbitration award for D&O insurance coverage against Bermuda-based insurance company
Client(s) Fortune 100 company
From 2008 to 2010, Jones Day successfully represented a Fortune 100 company in an international commercial arbitration conducted pursuant to the English Arbitration Act of 1996, receiving a unanimous award for full policy limits, plus counsel fees, costs and interest. Jones Day's client asserted a claim under an excess Directors and Officers insurance policy for coverage arising out of a nearly $200 million settlement of an underlying securities class action. The issues involved the reasonableness of the amount of the underlying settlement, whether consent to settle should have been given by the insurer, and whether a prior and pending litigation exclusion barred coverage. The arbitration took place in London, England over the course of three weeks in November, 2009. In April, 2010, the three-member panel issued its final award, granting all relief sought by the Firm's client. This award represents the last stage in a series of litigation and arbitration matters in which the Firm successfully assisted its client in recovering more than $100 million in insurance proceeds.
In the Matter of An Arbitration Between Fortune 100 Company vs. A Bermuda-Based Insurance Company