Legal Opinion
California Amplifier, Inc. v. RLI Ins. Co.
California Court of Appeal
Decided December 3, 2001No. B146315PublishedCited by 32 opinions
1Opinion of the Court
Opinion
PERREN, J.
An insurer refused to indemnify its insured for the settlement of an action alleging that the insured engaged in the market manipulation of stock in violation of Corporations Code sections 25400 and 25500. We hold that liability under section 25500 requires a “wilful act” within the meaning of Insurance Code section 533, which precludes coverage under directors and officers liability insurance.
A class action was filed against appellants California Amplifier, Inc. (Cal Amp) and its officers, Ira Coron and David Nichols, seeking damages under section 25500 based on allegations…
2Cases cited27 opinions
- Southland Corp. v. KeatingSupreme Court of the United States · 1984
- Cel-Tech Communications, Inc. v. Los Angeles Cellular Telephone Co.California Supreme Court · 1999
- Aubry v. Tri-City Hospital DistrictCalifornia Supreme Court · 1992
- Kay Hollinger Richard Llewelyn Jones Edward E. Nissen Judy D'Arcy K-Judy, Ltd. v. Titan Capital Corp. Emil Wilkowski Painter Financial Group, Ltd.Court of Appeals for the Ninth Circuit · 1990
- Diamond Multimedia Systems, Inc. v. Superior CourtCalifornia Supreme Court · 1999
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3Cited by32 opinions
- Apollo Capital Fund, LLC v. Roth Capital Partners, LLCCalifornia Court of Appeal · 2007
- Thurman v. Bayshore Transit Management, Inc.California Court of Appeal · 2012
- Gottlieb v. KestCalifornia Court of Appeal · 2006
- Cole v. Patricia a. Meyer & Associates, APCCalifornia Court of Appeal · 2012
- Hodge v. Superior CourtCalifornia Court of Appeal · 2006
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