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OKADA v. MGIC INDEM. CORP.

No. 85-2501.

795 F.2d 1450 (1986)

Glenn K. OKADA, William E. Takabayashi, and Richard A. Cooke, Jr., Plaintiffs-Appellees, v. MGIC INDEMNITY CORP., also known as Ambac Indemnity Corp. and Wmbic Indemnity Corp., Defendant-Appellant.

United States Court of Appeals, Ninth Circuit.

Decided July 31, 1986.

Attorney(s) appearing for the Case

John S. Edmunds, Honolulu, Hawaii, for plaintiffs-appellees.

Wallace A. Christensen, Washington, D.C., for defendant-appellant.

Before FERGUSON, CANBY, and HALL, Circuit Judges.

FERGUSON, Circuit Judge:

Defendant MGIC Indemnity Corporation ("MGIC") appeals the district court's grant of summary judgment in favor of plaintiffs Glenn K. Okada, William E. Takabayashi, and Richard A. Cooke, Jr. ("insureds"), who were insured under a Directors and Officers Errors and Omissions policy issued by MGIC. The district court ruled that MGIC had a duty to defend the insureds in lawsuits alleging losses caused by the insureds as directors of a savings and...

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