That is not exactly accurate. Depending on the policy it would require a specific (non-appealable) ruling of fraud by a court to trigger that exclusion of indemnity insurance, even admitting it without a ruling still leaves you covered.
Directors could be pursued for all manner of negligence and mismanagement leading to this situation and personal losses for investors without specifically going down the avenue of fraud.
HDY Price at posting:
0.4¢ Sentiment: None Disclosure: Held
