Stark Novus Financial (SNFI) secured a September 22, 2026 court order denying its primary insurer’s motion for reargument and leave to appeal.
The New York State intermediate appellate court previously ruled in the company’s favor on a retroactive-date exclusion under its directors’ and officers’ insurance policy. The company expects the exclusion should not apply to certain claims, but covered claims and reimbursable expenses remain undetermined. Primary coverage has a $5 million limit, with at least $45 million in excess Side ABC coverage above that layer. The company, including predecessor Lordstown Motors, has paid tens of millions of dollars addressing matters for which coverage was sought, mostly in 2021–2023. A number of those matters remain ongoing.