Panel: Bank’s $7.77M Claim Fails To Meet Criteria To Trigger Bond Coverage

(February 8, 2018, 10:11 AM EST) -- NEW ORLEANS — The Fifth Circuit U.S. Court of Appeals on Feb. 6 affirmed a lower federal court’s finding that there is no coverage under a financial institution bond for a bank’s $7.77 million loss caused by the purported fraudulent lending activities of its former employee, concluding that the bond does not consider commissions a type of financial benefit that triggers coverage (Renasant Bank v. St. Paul Mercury Insurance Co., No. 17-60168, 5th Cir., 2018 U.S. App. LEXIS 2903)....

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