Selcke v. Bove

On January 16, 1987, the Pine Top Insurance Company (Pine Top), an Illinois property and casualty insurer, was declared insolvent. In June 1988, the Illinois Director of Insurance, the plaintiff in this action, brought suit on behalf of Pine Top’s policyholders and creditors against Touche Ross & Co., the Whitney Financial Group and 23 individuals who served as directors and/or officers of Pine Top in the 1970’s and early 1980’s. Count I of the plaintiff’s original complaint alleged that the directors and officers of Pine Top had breached their fiduciary duty to Pine Top, and count II alleged…