Federal Judge Dismisses Insurer's Suit Disputing Coverage For FDIC's Claims

Federal Judge Dismisses Insurer's Suit Disputing Coverage For FDIC's Claims

GAINESVILLE, Ga. - A management and professional liability insurer's declaratory judgment claim is barred by Section 1821(j) of the Financial Institutions Reform, Recovery and Enforcement Act of 1989 (FIRREA), a Georgia federal judge ruled March 28, dismissing the insurer's lawsuit challenging coverage for claims against a failed bank's directors and officers (OneBeacon Midwest Insurance Co. v. FDIC, et. al, No. 2:12-CV-0106-RWS, N.D. Ga.; 2013 U.S. Dist. LEXIS 44237).

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