Mealey's Banking & Finance - Insurance Company Did Not Breach Bank's Policy, Federal Judge Rules

Mealey's Banking & Finance - Insurance Company Did Not Breach Bank's Policy, Federal Judge Rules

NEW YORK - OneBeacon Midwest Insurance Co. did not breach a bank's professional liability insurance policy since claims made by the Federal Deposit Insurance Corp. against the bank's former directors are not "Interrelated Wrongful Acts," a federal judge in New York ruled May 8 (Donald G. Glascoff Jr., et al., v. OneBeacon Midwest Insurance Co., et al., No. 13-1013, S.D. N.Y.; 2014 U.S. Dist. LEXIS 64858).

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