Seagate Seeks Coverage For Exec's €3M Theft

Law360, New York (November 2, 2011, 6:08 PM EDT) -- Disk drive maker Seagate Technology PLC sued National Union Fire Insurance Co. of Pittsburgh, Pa., in California on Monday for indemnification of a €2.9 million ($3.7 million) embezzlement perpetrated by a since-imprisoned executive of a Seagate subsidiary.

From June 2007 to March 2009, Frank Markus, then a managing director at the Netherlands office of Seagate unit i365 Inc., transferred €2.7 million from three i365 bank accounts to his personal accounts and charged personal expenses on an i365 credit card, according to Seagate's complaint against National Union...
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