Beazley Says Ace Must Defend Nasdaq in Facebook IPO Suit
Orange County partners Kevin Kieffer and Ryan Tuley, New York partner Matt Aaronson and Orange County associate Dustin Thai were mentioned in an August 25 Law360 article about Beazley Insurance Co.
The company is urging a New York federal judge to declare that Ace American Insurance Co. is obligated to provide coverage for Nasdaq OMX Group Inc. and two of the exchanges’ executives in multidistrict litigation that accuses Nasdaq of botching Facebook Inc.’s $16 billion initial public offering. In support for partial summary judgment, Beazley stated that Ace has to show that all of the potential class members in the MDL are Nasdaq customers or clients in order to apply its policy’s professional services exclusion; instead, however, Beazley claims that Ace only picked certain allegations and construed them to its benefit.
The firm’s quartet is representing Beazley in the ongoing legal proceedings.