The Fifth Circuit held that language in directors and officers policy's "no action clause" requiring "an adjudication against" the insured before bringing an action against the insurer did not require an adversarial proceeding against insured and a default judgment provided grounds for claimants to sue the insurer directly, but the policy did not provide coverage because the claims were based on the same "wrongful act" and thus related, and were first made prior to the claims-made policy period.
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