5th Circuit Affirms Ruling In Coverage Dispute Arising From Ponzi Scheme

Mealey's (November 28, 2017, 9:32 AM EST) -- NEW ORLEANS — The Fifth Circuit U.S. Court of Appeals on Nov. 20 rejected an insured’s appeal seeking 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 (Cooper Industries Ltd., et al. v. National Union Fire Insurance Co. of Pittsburgh, Pa., No. 16-20539, 5th Cir., 2017 U.S. App. LEXIS 23349)....

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