D&O request from former Kmart exec

Former chairman of Kmart has asked a US bankruptcy court to let him draw on a directors’ & officers’ liability (D&O) policy. The insurer, National Union Fire, is said to have blocked use of the $50m D&O policy on the grounds that it may violate the US bankruptcy code, unless the court rules otherwise. The former chairman is facing a number of lawsuits from Kmart shareholders after the company filed for bankruptcy last year.