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XL SPECIALTY INS. v. WMI LIQUIDATING TRUST

No. 449, 2013.

93 A.3d 1208 (2014)

XL SPECIALTY INSURANCE COMPANY; National Union Fire Insurance Company of Pittsburgh, PA; Columbia Casualty Company; Axis Insurance Company; Ace American Insurance Company; Arch Insurance Company; RSUI Indemnity Company; Chartis Property Casualty Company, Formerly known as "AIG Casualty Company"; Houston Casualty Company; Those Certain Underwriters at Lloyd's London Subscribing to Policy No. B0509QA027908, also known as "Lloyd's Underwriter Syndicate No. 2488 AGM London"; and Scottsdale Indemnity Company, Defendants Below, Appellants, v. WMI LIQUIDATING TRUST, Plaintiff Below, Appellee.

Supreme Court of Delaware.

Decided: May 28, 2014.

Attorney(s) appearing for the Case

Edward M. McNally and Patricia A. Winston, Esquires , Morris James LLP, Wilmington, Delaware for Appellants National Union Fire Insurance Company of Pittsburgh, PA and Chartis Property Casualty Company.

Thomas G. Macauley, Esquire , Macauley LLC, Wilmington, Delaware and Charles C. Lemley (argued) and John E. Howell, Esquires , Wiley Rein LLP, Washington, DC for Appellants XL Specialty Insurance Company and Columbia Casualty Company.

Joseph H. Huston, Jr. , Esquire, Stevens & Lee, Wilmington, Delaware and Michael R. Goodstein , Bailey Cavalieri LLC, Columbus, Ohio for Appellants RSUI Indemnity Company and Scottsdale Indemnity Company.

Howard A. Cohen, Esquire , Drinker Biddle & Reath LLP, Wilmington, Delaware for Appellant Houston Casualty Company.

Francis J. Murphy and Kelley M. Huff, Esquires , Murphy & Landon, Wilmington, Delaware for Appellants Arch Insurance Company; Ace American Insurance Company; and Those Certain Underwriters at Lloyd's, London, Subscribing to Policy No. B0509QA027908.

Kim W. West and Alec H. Boyd, Esquires , Clyde & Co U.S. LLP, San Francisco, California for Appellant Arch Insurance Company.

Ralph A. Gurgis and Sean R. Simpson, Esquires , Sedgwick LLP, Irvine, California for Appellants Ace American Insurance Company; and Those Certain Underwriters at Lloyd's, London, Subscribing to Policy No. B0509QA027908.

Timothy Jay Houseal, Esquire , Young Conaway Stargatt & Taylor LLP, Wilmington, Delaware and Ommid C. Farashahi , Michael T. Skoglund and Brian J. Watson, Esquires , Bates Carey Nicolaides, LLP, Chicago, Illinois for Appellant AXIS Insurance Company.

Paul D. Brown , Joseph B. Cicero , and Ann M. Kashishian, Esquires , Cousins Chipman & Brown, LLP, Wilmington, Delaware and David M. Stern (argued), Lee R. Bogdanoff , Daniel J. Bussel , and Matthew C. Heyn, Esquires , Klee, Tuchin, Bogdanoff & Stern LLP, Los Angeles, California for Appellee WMI Liquidating Trust.

Before STRINE, Chief Justice, HOLLAND, BERGER, JACOBS, and RIDGELY, Justices.

JACOBS, Justice:

I. INTRODUCTION

Before us is a dispute about whether coverage exists under certain management liability insurance policies. A bankruptcy trust seeks a determination that those insurance policies cover potential future expenses and liabilities that might arise out of pre-bankruptcy wrongful acts allegedly committed by the insured debtor company's directors and officers. XL Specialty Insurance Company ("XL Specialty") and certain excess...

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