Towers Watson has been hit with another roadblock on its long and winding road to reach coverage for $90 million in settlements of two lawsuits related to its merger with broker Willis in 2016.
A Virginia federal district judge in Alexandria has ruled that a “bump-up” exclusion in the directors and officer (D&O) liability policy provided by National Union applies to bar coverage for the settlements of the lawsuits brought by shareholders. The shareholders complained they were shortchanged by what they said was the “inferior” price they got in the $18 billion merger.
Eastern Virginia U.S. District Judge Anthony J. Trenga last week rejected Towers Watson’s argument that the settlements did not fall under the exclusion because they did not represe