Pan Pacific Retail Properties, Inc. v. Gulf Insurance

ORDER AND AMENDED OPINION

ORDER

The Appellee Gulf Insurance Company’s Petition For Panel Rehearing is GRANTED. The opinion of the court filed October 26, 2006 and published at 466 F.3d 867 is hereby AMENDED as follows:

After the second to last sentence in the opinion, stating “We remand for further proceedings consistent with this opinion,” add a new footnote stating:

Pursuant to General Order 5.3(a), subsequent petitions for rehearing or rehearing en banc may be filed concerning this amendment.

IT IS SO ORDERED.

OPINION

Appellants Pan Pacific Retail Properties, Inc. (“Pan Pacific”) and Western Proper *964 ties Trust (“Western”) challenge their insurers’ denial of coverage for an underlying shareholder class action. Pan Pacific and Western were each insured under a Directors’ and Officers’ Liability and Company Indemnification Policy (“D & 0 Policy”). Pan Pacific was insured by Appellee Gulf Insurance Company (“Gulf’). Western was insured by Appellee Twin City Fire Insurance Company (“Twin City”). Gulf and Twin City assert that all costs and expenses arising out of the underlying shareholder lawsuit were uninsurable as a matter of public policy because, according to the…