Directors & Officers Insurer Had To Pay For Damages Caused By A “Wrongful Act” Despite “Personal Profit” Exclusion And a Conviction

Wintermute v. Kansas Bankers Surety Co., 630 F.3d 1063, 1069 (8th Cir. (Mo.) 2011) (Arkansas law)

Reversing district court, “personal profit” exclusion did not bar indemnity for a “loss” for a “wrongful act” because of “in-fact” language which required adjudication against insured despite the insured’s conviction for a criminal act.

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