Insurers unlikely to pay D&O liability claims in fraud scandal
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Insurers are unlikely to pay out directors and officers liability claims for China-based coffeehouse chain Luckin Coffee Inc., which allegedly fabricated sales figures by more than 2 billion Chinese yuan ($283 million), Asia Insurance Review reports. The company conducted an internal investigation and found that chief operations officer Jian Liu and other employees cooked the books from the second to the fourth quarter of last year.
