Banks Slam Insurers For Stalling On $18M Fraud Claim

By Christie Smythe

Law360, New York (February 26, 2010, 1:27 PM ET) -- United Bankshares Inc. has filed suit against Travelers and Chubb group affiliates, contending that they have been unreasonably slow in responding to an insurance claim submitted after the bank discovered it was duped into providing a Washington, D.C.-area restaurateur with nearly $18 million in loans based on false documents.

The banking company filed suit on Thursday in the U.S. District Court for the Southern District of West Virginia against St. Paul Mercury Insurance Co., St. Paul Fire and Marine Insurance Co., The Travelers Cos. Inc., Federal...
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