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21 May 2012

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Defence costs eat into Lehman Brothers $250mn D&O cover

11 November 2010

Failed investment bank Lehman Brothers' $250mn directors' and officers' (D&O) liability programme is rapidly being eroded by defence costs as the firm's bankruptcy filing rumbles on.

XL Specialty Insurance Company paid out on a primary $20mn policy early on in the proceedings closely followed by Chubb, Continental, various Lloyd's syndicates and US Specialty on the excess layers, according to bankruptcy court filings from Lehman's lawyers.

Having claimed $70mn from insurers to date, Lehman's lawyers are requesting to draw down an...

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