Is it important to have the Fraud Exclusion amended to Final Adjudication Wording?
The D&O contract contains an exclusion for claims resulting from fraudulent or dishonest acts on the part of the Ds and Os. However, many contracts exclude coverage if there is an allegation of fraud and since the typical securities suit will allege fraud, no coverage would exist. “In fact/final adjudication” wording requires that fraud be found “in fact” and through a final adjudication by a court of law. Defense coverage will still be provided to the defendants until such a finding takes place.
Related Questions
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