A Delaware court recently found for the policyholders in determining that a directors and officers (D&O) liability policy covered the settlement of an underlying action alleging violations of the Securities Exchange Act of 1934 (the Exchange Act). Indeed, in Harman International Industries, Inc. v. Illinois National Insurance Company, No. N22C-05-098 PRW CCLD, 2025 WL 84702 (Del. Super. Ct. Jan. 7, 2025), the court held the D&O policy’s “bump-up” exclusion was not a bar coverage.
