Federal Judge: Insured Did Not ‘Own’ Lost Earnings Under Commercial Crime Policy
Mealey's (June 22, 2016, 2:33 PM EDT) -- HOUSTON — A Texas federal judge on June 21 held that an insured did not "own" its lost earnings stemming from a Ponzi scheme within the meaning of a commercial crime insurance policy (Cooper Industries, Ltd., et al v. National Union Fire Insurance Company of Pittsburgh Pa., No. 12-01591, S.D. Texas; 2016 U.S. Dist. LEXIS 80342).
(Order available. Document #13-160707-011R.)
Cooper Industries Ltd. sought $10 million in commercial crime coverage from its insurer National Union Fire Insurance Company of Pittsburgh, PA for nearly $20...