Delaware Judge: Bump-Up Exclusion Is Ambiguous In D&O Coverage Suit Over Merger

(August 14, 2023, 1:50 PM EDT) -- WILMINGTON, Del. — A Delaware judge granted Viacom Inc.’s motion for partial summary judgment in its suit seeking directors and officers liability coverage for underlying claims that its directors, officers and controlling shareholders breached their fiduciary duties in connection with a 2019 merger with CBS Corp., finding that the bump-up policy provision is ambiguous and should be resolved in favor of the insured....