Insurance : Derivatives Litigation – Notice – Ambiguity

Where a seller of municipal bonds sought coverage after the filing of derivatives litigation against it, the district court erred in applying Missouri law to the case, but the insurance agreement was ambiguous about any timely notice requirement applicable to later liabilities arising from a timely original claim, so the district court properly found that the policy provided coverage.

Judgment is affirmed.

George K. Baum & Company v. Twin City Fire Insurance Company (MLW No. 66662/Case No. 12-3982 – 16 pages) (U.S. Court of Appeals, 8^th Circuit, Riley, J.) Appealed from U.S. District Court, Western District of Missouri, Sachs, J. (Charles Lemley, Washington, D.C. , argued for appellant; Daniel J. Standish,  Michael C. Kirkham and , Maureen M. Brady appeared on the brief) (Terence J. Thum, Kansas City, Missouri, argued for appellee; William Perry Brandt appeared on the brief).