Insurers’ Receiver:  $7M Attorney Fees Award Was Justified Against Banks

Mealey's (June 26, 2020, 10:01 AM EDT) -- ST. LOUIS — The receiver for insolvent insurers and state insurance guaranty associations argue to the Eighth Circuit U.S. Court of Appeals in a June 23 appellee brief that a $7,005,337 attorney fees award against banks was allowed based on the Missouri Uniform Trust Code (MUTC), prior trust cases involving equitable balancing and intentional misconduct cases (Jo Ann Howard & Associates P.C., et al. v. National City Bank and PNC Bank, N.A., No. 20-1438, 8th Cir.)....