No Coverage Owed For Settlement Of Alleged Grand Theft Scheme, 11th Circuit Affirms

(August 29, 2019, 12:18 PM EDT) -- ATLANTA — The 11th Circuit U.S. Court of Appeals on Aug. 26 affirmed a lower federal court’s ruling that a directors and officers liability insurer has no duty to indemnify its insurance agency insured for settlement payments made to the alleged victims of a grand theft scheme, finding that the insured’s $183,807.87 payment to Miami-Dade Aviation Department is the restitution of ill-gotten gains that is not covered under the policy (Philadelphia Indemnity Insurance Company v. Sabal Insurance Group, Inc., No. 17-14844, 11th Cir., 2019 U.S. App. LEXIS 25542)....

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