Mealey's Banking & Finance - Insured Failed To Timely Report $10.5M Shortfall Claim Brought By Bank, Judge Says

Mealey's Banking & Finance - Insured Failed To Timely Report $10.5M Shortfall Claim Brought By Bank, Judge Says

AUSTIN, Texas - A professional liability insurer has no duty to defend its insured against a bank's underlying claim that it discovered a $10.5 million shortfall in the depository accounts it was providing for the insured's customers, a Texas federal judge ruled July 18, granting the insurer's motion for summary judgment (NetSpend Corp. v. Axis Insurance Co., et al., No. A-13-CA-456-SS, W.D. Texas; 2014 U.S. Dist. LEXIS 97656)

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