Insurer Not Required To Cover Bank's Overdraft Settlement, Judge Rules

Insurer Not Required To Cover Bank's Overdraft Settlement, Judge Rules

ATLANTA - Chartis Specialty Insurance Co. does not need to cover Fidelity Southern Corp.'s $1 million settlement of an overdraft fees putative class action, a federal judge in Georgia ruled Aug. 7, finding that the settlement was uninsurable because it is restitution (Fidelity Southern Corp. v. Chartis Specialty Insurance Co., No. 12-4259, N.D. Ga.; 2013 U.S. Dist. LEXIS 110935).

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