Timken Wants Travelers Unit To Cover $5M In Ponzi Losses

Law360, New York (November 8, 2011, 7:59 PM EST) -- A Travelers Companies Inc. subsidiary went to Ohio federal court Friday to fight a dispute with steel and bearings maker Timken Co. over the insurer's alleged refusal to pay $5 million in crime-loss coverage for $50 million in losses Timken sustained in an investment Ponzi scheme.

Travelers subsidiary St. Paul Mercury Insurance Co. had sought to move the suit, first launched by Timken in Ohio state court on Oct. 3., because the parties are based in different states and the amount in controversy exceeds $75,000....
To view the full article, register now.