Bank’s Claim ‘Insurable’ As A Matter Of Ohio Law, 6th Circuit Rules In Reversal

(February 6, 2024, 7:21 AM EST) -- CINCINNATI — The Sixth Circuit U.S. Court of Appeals reversed a lower federal court’s summary judgment ruling in favor of professional liability insurers in a bank insured’s breach of contract and bad faith lawsuit, finding that the bank’s underlying settlement payment to a bankruptcy trustee is “insurable” pursuant to Ohio law and that an ambiguous exclusion should be construed in the insured’s favor....