No Coverage For Theft Scheme Involving ‘Funny Money,’ Federal Judge Says

Mealey's (August 21, 2018, 4:03 PM EDT) -- LAS VEGAS — A Nevada federal judge on Aug. 6 found that an insurer owes no coverage for an insured’s claim seeking reimbursement of $768,617.9 in credit card chargebacks and professional fees stemming from a scheme conducted by the insured’s employees, finding that the insured’s losses did not "directly" result from the thefts and, therefore, no coverage was triggered under the commercial crime insurance policy (CP Food & Beverage, Inc. v. United States Fire Insurance Company, No. 16-02421, D. Nev., 2018 U.S. Dist. LEXIS 133331)....