Wednesday, Nov 21, 2007
The crisis has escalated from the mortgage providers to the investment banks, and fund managers trading in bonds
telegraph.co.uk: benign D&O market was about to turn as the credit crunch is
The insurance industry could face a $6bn (£3bn) bill for claims against directors relating to the sub-prime mortgage lending crisis.William Sturge, a partner at law firm LG, said legal action is expected to trigger many directors and officers' (D&O) insurance policies.He said the ".Markel - one of the largest underwriters of non-US policies in Lloyd's - said the potential for claims was "enormous". David Jones, managing director of its PI division, said: "There will be class actions, mainly in the US, although there could be repercussions in the UK."
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Posted by chris @ 03:00 AM (172 views) Add Comment
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