A summary of Southern California-related business litigation developments during the past week.
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Saatchi & Saatchi Sues Insurer: The ad agency sued New Hampshire Insurance Co. for refusing to pay for its defense in a number of investor lawsuits pending in federal court. The Los Angeles Superior Court suit said New Hampshire Insurance issued a directors and officers liability policy, agreeing to indemnify them against most legal claims. The suits, filed by holders of Saatchi’s American depositary receipts, claim that Saatchi artificially pumped up the price of the receipts and did not reveal its problems in absorbing a number of acquisitions. Saatchi’s suit seeks more than $100,000 and a court order that New Hampshire must pay to defend the investor suits. (Filed June 19, 1990. Case No. BC003822)
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