Panel: No Coverage For Receiver’s Gross Management Claims Against Bank’s Directors
Mealey's (August 7, 2015, 2:28 PM EDT) -- DENVER — The 10th Circuit U.S. Court of Appeals on Aug. 6 affirmed a lower federal court’s finding that a directors and officers insurance policy's "insured vs. insured" exclusion unambiguously precludes coverage for the Federal Deposit Insurance Corp.'s gross mismanagement claims against a bank's former directors (BancInsure Inc., et al. v. Federal Deposit Insurance Corporation, et al., Nos. 14-3063 and No. 14-3064, 10th Cir.; 2015 U.S. App. LEXIS 13764).
(Opinion available. Document #13-150820-002Z.)
After shutting down The Columbian Bank and Trust Co. in 2008, the State...