Jennifer Farina spoke with Bloomberg Law about the dispute between Sam Bankman-Fried, co-founder of the former cryptocurrency exchange FTX, and one of the company’s D&O insurers. The dispute implicates questions of how to split up D&O insurance payments when there are multiple executives competing for limited funds. Jennifer noted that although Bankman-Fried has been accused (and recently convicted) of fraud, the D&O policy’s fraud exclusion does not yet apply, because it requires the conviction to be final and no longer subject to appeal.
11.7.2023