Bannon Obtains Appellate Court Ruling for Accountants' Professional Liability Insurer
Litigation attorney Christopher Bannon recently obtained an appellate court victory for the firm's client, a professional liability insurer, in a Louisiana suit over insurance coverage for an accountant accused of securities laws violations and related wrongful acts.
The accountant filed suit against our client, seeking a ruling that the insurer must defend him in the underlying securities case. In ruling in our client's favor, the trial court found that the underlying claims did not arise from the accountant's professional services.
The court found, instead, that the suit arose from the accountant's alleged involvement in the promotion or sale of securities, which the insurance policy did not cover. The Louisiana Court of Appeals affirmed the trial court's judgment, concluding that the underlying suit certainly arose from alleged securities-related acts.