Lost Earnings Were Not ‘Owned’ By Insured; No Coverage Owed, Federal Judge Rules
Mealey's (September 30, 2015, 10:21 AM EDT) -- MINNEAPOLIS — A Minnesota federal judge held Sept. 28 that because any lost earnings stemming from a Ponzi scheme perpetuated by an insured’s investment advisers were not "owned" by the insured pursuant to a blanket crime policy, the insurer has no duty to indemnify its insured (3M Company, et al. v. National Union Fire Insurance Company of Pittsburgh, Pa, et al., No. 14-CV-1058 (PJS/JSM), D. Minn.; 2015 U.S. Dist. LEXIS 131197).
(Order available. Document #13-151001-017R.)
In 1999, 3M Co., 3M Employee Welfare Benefits Association...