No Coverage Afforded For Losses Incurred As A Result Of Madoff Ponzi Scheme

Mealey's (April 11, 2018, 3:32 PM EDT) -- NEW HAVEN, Conn. — A Connecticut federal judge on April 10 dismissed an insured’s claims for breach of contract and bad faith after determining that no coverage exists for the insured’s losses arising out of the Bernard Madoff Ponzi scheme because Madoff’s “wrongful entry” into the insured’s investment account is not the type of “wrongful entry” covered under the homeowners policies at issue (Susan Kostin v. Pacific Indemnity Co., et al., No. 17-1320, D. Conn., 2018 U.S. Dist. LEXIS 60846)....