Insured, Insurer File Appeals In Coverage Dispute Arising From Ponzi Scheme

Mealey's (September 12, 2017, 9:45 AM EDT) -- NEW ORLEANS — An insured has asked the Fifth Circuit U.S. Court of Appeals to reverse a lower court’s ruling that it did not "own" its lost earnings stemming from a Ponzi scheme within the meaning of a commercial crime insurance policy while the insurer has asked the court to find that the policy’s indirect loss provision and trading loss exclusion bar coverage (Cooper Industries Ltd., et al. v. National Union Fire Insurance Co. of Pittsburgh, Pa., No. 16-20539, 5th Cir.)....