Insurer Off Hook For Impac's Defense In RMBS Lawsuits
Share us on:TwitterFacebookLinkedInBy Gavin Broady
Law360, New York (March 01, 2013, 2:42 PM ET) -- A California federal judge found Tuesday that Houston Casualty Co. wasn't obligated to front defense costs to Impac Mortgage Holdings Inc. under a directors and officers policy for a trio of actions over its purported mishandling of mortgage-backed securities offerings.
U.S. District Judge Josephine Tucker ruled in favor of Houston in a disputed interpretation of what constitutes a covered security under its policy with Impac, which covers the company only with respect to securities claims. While Impac argued that any security it bought and sold should...