RICHMOND, Va. - Criminally convicted former Taylor Bean and Whitaker Mortgage Corp. (Taylor Bean) chairman Lee Bentley Farkas must repay the defenses fees the company's directors and officers (D&O) insurer advanced on his behalf, the Fourth Circuit U.S. Court of Appeals ruled April 11, agreeing with a lower court that Farkas' criminal conviction triggered the policy's "in fact" conduct exclusions, which then triggered the insurer's right to recoup the defense fees (Lee...(read more)Image may be NSFW.
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