Breach Of Contract, Bad Faith Counterclaims Filed Against Insolvent Insurer

Mealey's (September 10, 2020, 9:40 AM EDT) -- ELIZABETH CITY, N.C. — Parties to a loan and security agreement on Sept. 4 filed counterclaims against an insurer, which is in rehabilitation, for breach of contract, bad faith and breach of fiduciary duty in a North Carolina federal court case over the insurer's efforts to recover $45,675,960 under the agreement based upon a borrower's default  (Colorado Bankers Life Insurance Company v. Summerville Asset Management, LLC, et al., No. 20-432, E.D. N.C.)....