Insurer Says Fla. Bank Execs Aren't Covered In FDIC Suit
By Nathan Hale
Law360, Miami (October 17, 2013, 7:15 PM ET) -- Progressive Casualty Insurance Co. launched a suit Wednesday in Florida federal court seeking a ruling that it is not responsible for indemnifying former executives of Riverside National Bank of Florida in an $8 million suit brought by the Federal Deposit Insurance Corp.
Progressive brought the suit against the FDIC in its capacity as receiver of the Fort Pierce, Fla., bank, which the agency took over shortly after the bank's collapse in 2009. Progressive is also seeking declaratory judgments finding that the FDIC's claims are not covered...