Ex-Taylor Bean Exec Sues Insurer For $2M Defense Costs

Law360, New York (May 17, 2011, 10:26 PM EDT) -- Taylor Bean & Whitaker Mortgage Corp.'s former chairman, found guilty of operating a $2.9 billion bank and securities fraud, sued his insurer in Virginia on Tuesday for allegedly refusing to cover $2 million he spent in defense costs.

In a complaint filed in the Eastern District of Virginia, Lee Bentley Farkas claims National Union Fire Insurance Co. of Pittsburgh refused to reimburse him for attorneys' fees and expenses shortly after his April 19 guilty verdict despite the fact that more than $4 million remains on his...
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