Panel: No Coverage For Bank Receiver’s Claims Against Bank’s Directors
Mealey's (August 25, 2015, 1:07 PM EDT) -- DENVER — The 10th Circuit U.S. Court of Appeals on Aug. 6 affirmed a lower federal court’s finding that the “insured vs. insured” exclusion in a directors and officers insurance policy issued by a now-insolvent insurer 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).