Beazley Insurance Company, Inc v. Ace American Insurance Company
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January 22, 2018
Ace Ducks Nasdaq Coverage In $26M Facebook IPO Suit
Ace American Insurance Co. does not have to pay into a $26.5 million settlement reached between its insured Nasdaq and scores of retail investors who sued the exchange over Facebook's bungled initial public offering, the Second Circuit said Monday, ruling an exclusion applies because the investors are "customers."
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August 23, 2017
Beazley Says Ace Must Cover Nasdaq Investors In $31M Suit
Beazley Insurance Co. told the Second Circuit on Wednesday that U.S. District Judge Jed Rakoff got it wrong when he found that investors who sued Nasdaq over Facebook's bungled initial public offering were Nasdaq customers and let Ace American Insurance Co. off the hook for its share of the exchange's $31 million settlement.
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March 27, 2017
Ace Asks 2nd Circ. To Preserve Win Over Facebook IPO Deal
Ace American Insurance Co. has asked the Second Circuit to affirm U.S. District Judge Jed Rakoff's ruling that it doesn't have to cover Beazley Insurance Co.'s share of Nasdaq's $31 million settlement of investors' claims over the botched Facebook initial public offering, saying the judge properly applied a "professional services" exclusion.
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December 19, 2016
Ace Owes Coverage For Facebook IPO Deal, 2nd Circ. Told
Beazley Insurance Co. urged the Second Circuit Monday to reverse U.S. District Judge Jed Rakoff's decision that Ace American Insurance Co. does not have to contribute to Nasdaq's $31 million settlement with a class of investors who sued over Facebook's botched initial public offering, saying the judge misapplied a policy exclusion.