$17,500,000 For Defense, Advancing Still More For Directors and Officers.

     Defendants in an adversary proceeding filed as part of the Bankruptcy of Refco, Inc. argue that their Director's and Officer's Carrier, Axis Reinsurance, should cover the $17,500,000.00 of defense costs to date and advance them the money for past and future lawyer fees and costs.  They won in a ruling delivered at a Hearing scheduled in the case for Friday, October 12, 2007 at 10:00 A.M.:  Axis Reinsurance Co. v. Phillip R. Bennett, et al. (In re Refco, Inc.)(S.D.N.Y. Bankr. Case No. 05.60006, Adv. Proc. No. 07.01712).  No official written decision has been posted online, but when it becomes available it will be posted here for easy accessibility.

     Here is Axis Reinsurance's brief and general description of its Director's and Officer's Insurance Coverage in its own words on its web site (see "D&O" mentioned under "Professional Liability").

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