Mealey's Banking & Finance - Judge: No Coverage For Receiver's Gross Management Claims Against Bank's Directors

KANSAS CITY, Kan. - A directors and officers insurance policy's "insured v. insured" exclusion unambiguously precludes coverage for the Federal Deposit Insurance Corp.'s (FDIC-R) gross mismanagement claims against a bank's former directors, a Kansas federal judge ruled Feb. 27 (BancInsure Inc. v. Carl L. McCaffree, et al., No. 12-2110-KHV, D. Kan.; 2014 U.S. Dist. LEXIS 24941).

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