Wiley Rein's Charles C. Lemley, representing XL Specialty Insurance Company, said: "The reason they didn't hesitate is because this happens frequently: securities class actions are filed, then there's an opt-out, then there's a tagalong, and they're always treated as a single claim, absent some really extraordinary circumstances." (Credit: Said M/Shutterstock.com)
In a virtual argument before the Delaware Supreme Court, counsel for Arizona-based solar power component manufacturer and services provider First Solar Inc. said two insurance companies should be required to pay for the defense of two federal securities suits because each case dealt with a different element of First Solar's business and a different set of allegedly false and misleading statements.
Want to continue reading?
Become a Free PropertyCasualty360 Digital Reader
Your access to unlimited PropertyCasualty360 content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Breaking insurance news and analysis, on-site and via our newsletters and custom alerts
- Weekly Insurance Speak podcast featuring exclusive interviews with industry leaders
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical converage of the employee benefits and financial advisory markets on our other ALM sites, BenefitsPRO and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
Ellen Bardash
Ellen Bardash is ALM's reporter covering corporate litigation for Law.com and Delaware Business Court Insider. She can be contacted by emailing [email protected] or following @ellenbardash.bsky.social on Bluesky.
