American International Specialty Lines Ins. v. Towers Financial Corp.

MEMORANDUM AND ORDER

WHITMAN KNAPP, Senior District Judge.

Before us is Magistrate Judge Peck’s Report and Recommendation recommending that we deny the motion of Ben Barnes (“defendant”), a Towers’ director, to dismiss the Amended Complaint of American International Specialty Lines Insurance Company and National Union Fire Insurance Company (“plaintiffs” or “the insurers”) against the Towers Financial Corporation and individual directors thereof. For the reasons that follow, we adopt the Report and Recommendation in its entirety.

BACKGROUND

The Magistrate Judge describes the facts underlying this…