Robert J. Katzenstein, Esquire , SMITH KATZENSTEIN & JENKINS LLP, Wilmington, Delaware, for Defendants Below, Appellants National Specialty Insurance Company, AXIS Insurance Company, and St. Paul Mercury Insurance Company; Ronald P. Schiller, Esquire , Daniel J. Layden, Esquire , HANGLEY ARONCHIK SEGAL PUDLIN & SCHILLER, Philadelphia, Pennsylvania, for Defendant Below, Appellant National Specialty Insurance Company; Michael R. Goodstein, Esquire , BAILEY CAVALIERI, Columbus, Ohio, for Defendant Below, Appellant AXIS Insurance Company; Thomas J. Judge, Esquire , Jason C. Reichlyn, Esquire , DYKEMA GOSSETT, PLLC, Washington, D.C., for Defendant Below, Appellant St. Paul Mercury Insurance Company.
Before SEITZ, Chief Justice; VALIHURA, TRAYNOR, LEGROW, and GRIFFITHS, Justices, constituting the Court en Banc.
SEITZ, Chief Justice:
In this appeal we once again interpret the definition of a "Securities Claim" in corporate insurance policies. As part of a comprehensive definition, the insurance policies defined a Securities Claim as a Claim against the Insured "brought derivatively on behalf of an Organization by a security holder of such Organization....
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