Law360 (February 17, 2023, 9:23 PM EST) — Insurers must cover defense costs a health care company racked up in underlying suits stemming from its merger deal with a special purpose acquisition company, a Delaware state court judge said, finding that the company’s directors and officers are insured under policies issued to the SPAC.
In a ruling filed Feb. 6 and recently made public, Delaware Superior Court Judge Mary M. Johnston said the directors and officers of Clover Health Investments Corp. count as “insured persons” under a D&O policy issued to Social Capital Hedosophia Holdings Corp., a SPAC that took Clover Health public.
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