Anglo may pay lawsuit bills for FitzPatrick

Green_Bear · March 29, 2009, 8:08am

**Anglo may pay lawsuit bills for FitzPatrick **
By Nick Webb, Sunday March 29 2009
independent.ie/business/iris … 90239.html

State-owned Anglo Irish Bank may be liable for its disgraced former chairman Sean FitzPatrick’s legal bills.
It is understood that FitzPatrick, ex chief executive David Drumm, and other former Anglo high flyers are covered by the bank’s director and executive indemnity insurance.
These policies are designed to protect directors from some or all of the costs associated with lawsuits sparked by “acts or omissions occurring in the course of the performance of their duties”.
“They do have a standard form of professional indemnity in common with all the banks,” according to one well placed source.
“But it’s impossible to see a situation where the taxpayer will cover the bills.”

conor_mc · March 30, 2009, 7:46am

Er, shouldn’t the headline read “Anglo’s ***Insurers ***may pay lawsuit bills for FitzPatrick”?

Wonder is it AIG?

Renting_And_Proud · March 31, 2009, 9:23pm

Or even more ironic, Quinn!

Not taking the piss either, I hear they have been quite active in the prof indemnity and D&O markets (altho I can’t imagine a strong, reputable company like Anglo placing commercial insurance with an unrated insurer )

Max_Headroom · March 31, 2009, 11:05pm

AIG are the D&O insurer to AI, defence costs will be large for what will be protracted litigation. I would not like to have been responsible for breaking this one to AIG HQ.

Max_Headroom · March 31, 2009, 11:31pm

QI is for Patels, you get what you pay for -

https://www.youtube.com/watch?v=EwA2MA5tsnE