A New York judge has confirmed an earlier ruling allowing MF Global executives to recoup defence costs from directors' and officers' (D&O) underwriters and errors and omissions (E&O) policies .
Sapere Wealth Management and other MF Global commodities clients have asserted that they are exclusively entitled to the proceeds of a $250mn D&O programme and a $150mn E&O insurance policy, however US District Judge Katherine Forrest said on 22 May that she was unconvinced.
In early April, a bankruptcy judge...
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