When a co-operative went bankrupt, a Chapter 7 trustee sued the members and their executives on the usual grounds. But under considerable pressure from creditors, the trustee also claimed for ‘breach of fiduciary duty’, attempting to secure contributions far exceeding their insurance policy limits. As the co-operative’s insurer, we worked closely with them, retaining defence counsel and experts. Confronted by this united front between defendants and their insurers, the greedy claimants eventually settled for terms very favourable to the co-operative, and fully covered by their insurance. Another happy customer.
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