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Insurers Don't Want to Pay $148M Dole Penalty

2016-01-21 10:27:15| Agriculture - Topix.net

A group of insurance companies say they aren't liable for a $148 million judgment against Dole Food CEO David Murdock and others for bilking shareholders in a 2013 reverse merger. Arch Insurance, Liberty Mutual Insurance, Continental Casualty Insurance, Navigators Insurance, RSUI Indemnity and Berkley Insurance claim in a lawsuit filed last week that they insured Murdock, "his right-hand man" C. Michael Carter and DFC Holdings LLC. DFC is the company Murdock used to buy Dole Food Company Inc. during the time when the going-private merger took place, according to the complaint.

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