Judge:  Insured Did Not Hold Stolen Funds, No Commercial Crime Coverage Triggered

Mealey's (March 1, 2021, 10:08 AM EST) -- DALLAS — A federal judge in Texas on Feb. 24 held that an insured is not entitled to commercial crime insurance coverage for the loss of its clients' funds that were diverted through a phishing scheme, granting the primary and excess insurers’ motions for summary judgment in the insured’s lawsuit seeking to recoup $6.02 million....