Bump-Up Exclusion Bars D&O Coverage For $90M Settlement, Judge Rules On Remand

Mealey's ( March 8, 2024, 12:59 PM EST) -- ALEXANDRIA, Va. — On remand from the Fourth Circuit U.S. Court of Appeals, a federal judge in Virginia held that a “bump-up” exclusion unambiguously precludes directors and officers liability insurance coverage for the $90 million settlement of two underlying lawsuits arising from a 2015 merger....