A Delaware Superior Court, applying Delaware law, has held that the United States Securities and Exchange Commission’s (“SEC”) request to toll the statute of limitations did not constitute a “Securities Claim” under a D&O policy because the tolling request was made in connection with an investigation into the company. Clear Channel Outdoor Holdings Inc. v. Illinois Nat’l Ins. Co., 2025 WL 1796542 (Del. Super. Ct. June 30, 2025). The court also held that the tolling request did not constitute a “Securities Claim” because the request did not allege any violation of securities law and did not allege Wrongful Acts by the insured company.