Signature's $43M Insurance Claims Snuffed

Law360, Los Angeles (December 20, 2011, 9:38 PM EST) -- A California federal judge on Tuesday tentatively ruled that Signature Group Holdings Inc. isn't entitled to payouts from Continental Insurance Co. and three other insurers for losses stemming from $43 million in loans it issued to dishonest former employees perpetrating mortgage fraud schemes.

In a 17-page tentative decision issued before a hearing Tuesday, U.S. District Judge James V. Selna said that Continental; Federal Insurance Co.; National Union Fire Insurance Co. of Pittsburgh, Pa.; and Zurich American Insurance Co. are entitled to summary judgment in two Signature...
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