Covered Proceeding Law and Legal Definition

A covered proceeding is "any threatened, pending or completed action, suit or proceeding, whether civil, criminal, administrative or investigative, to which an indemnitee is or was a party or is threatened to be made a party by reason of the fact or facts under which he is an indemnitee." Reserve Fund Secs. & Derivative Litig. v. Reserve Mgmt. Co., 2009 U.S. Dist. LEXIS 110114 (S.D.N.Y. Nov. 25, 2009)