Under Armour Asks Fourth Circuit to Revisit $100M Insurance Cap Tied to Securities Suit and Federal Probes
Under Armour seeks a rehearing to potentially unlock an additional $100 million in insurance coverage for legal issues.Summary
Under Armour is appealing a Fourth Circuit decision that caps its insurance recovery at $100 million for a series of legal challenges, including a securities class action and federal investigations. The company argues the court misinterpreted a policy endorsement intended to clarify when claims should be considered filed for insurance purposes. Specifically, Under Armour contends a 2019 policy endorsement retroactively placed claims related to federal investigations within the 2017-2018 coverage period, potentially accessing an additional $100 million in coverage. Under Armour asserts the endorsement was a settlement resolving a dispute over the timing of the government investigation claims, and wasn't simply a restatement of existing policy terms. The company is requesting either a panel rehearing or a review by the full Fourth Circuit court.
(Source：USA Herald)