Panel:  No Professional Liability Coverage Owed For Bank’s False Claims Settlement

Mealey's (March 20, 2020, 8:23 AM EDT) -- NEW ORLEANS — The Fifth Circuit U.S. Court of Appeals on March 18 affirmed a lower federal court’s dismissal of a banker insured’s breach of contract lawsuit against its professional liability insurer, finding that there is no coverage owed for the insured’s $11,692,149 settlement with the government for an underlying qui tam action brought under the False Claims Act (IberiaBank Corporation v. Illinois Union Insurance Co., No. 19-30190, 5th Cir., 2020 U.S. App. LEXIS 8574)....