California Court of Appeal

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Stein v. AXIS Ins. Co., 265069

In an action against two insurance companies, brought by a plaintiff-insured who was denied coverage under a D&O policy because he was convicted of securities fraud, the trial court's judgment sustaining defendants' demurrer and dismissing the complaint is: 1) affirmed in part where the AXIS demurrer was properly sustained because AXIS was a stranger to the HCC policy and owed no duties connected with it; but 2) reversed in part where the HCC demurrer was improperly sustained because when a policy expressly provides coverage for litigation expenses on appeal, an exclusion requiring repayment to the insurer upon a 'final determination' of the insured's culpability applies only after the insured's direct appeals have been exhausted.

Appellate Information

  • Argued
  • Submitted
  • Decided
  • Published 2017/04/06

Judges

  • CHANEY

Court

  • California Court of Appeal

Counsel


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