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Axis Dodges D&O Coverage For Martin Midstream Parent

Law360 - 5/13/2014

By Kira Lerner

Partners Geoffrey W. Heineman, Amber W. Locklear, Eric C. Weissman and Blaise Chow were referenced in an article for their representation of AXIS Insurance Co. (“AXIS”) in a lawsuit brought by Martin Resource Management Corp. (“Martin Resource”) seeking coverage under a directors and officers policy for the resolution and defense costs incurred in connection with a shareholder oppression and derivative lawsuit filed against Martin Resource and its executives. The article details U.S. District Judge K. Nicole Mitchell’s order granting AXIS’s motion for summary judgment, in which Judge Mitchell agreed with AXIS that since the primary directors and officers policy had not exhausted by actual payment by the insurer of its full Limit of Liability, the AXIS policy could not be triggered.  The full text of the article can be viewed here (subscription required).