A directors and officers and entity liability insurance policy issued to 's US arm doesn't afford coverage for litigation brought by shareholders of a different Santander subsidiary acquired in 2022, an insurance unit said in a lawsuit.

The excess policy issued to Santander Holdings USA Inc. didn't provide coverage for costs incurred as a result of the investors' proposed class action due to several exclusions, Allianz Global Risks US Insurance Co. said in a complaint filed Tuesday in the US District Court for the District of Massachusetts.

In the underlying lawsuit, shareholders of Santander Consumer ...