Wells Fargo's Bid For Enviro Damage Coverage Nixed

Law360, New York (March 3, 2009, 12:00 AM EST) -- A New York appeals court has affirmed a ruling in favor of Zurich American Insurance Co. in a spat with Wells Fargo Bank NA over insurance coverage for environmental damage from leaking underground storage tanks at gas stations the bank had mortgaged.

On Thursday, the Appellate Division of the Supreme Court of New York, First Department affirmed a lower court's ruling denying Wells Fargo insurance coverage for environmental damage related to the seven Tampa Bay, Fla., gas stations.

The appellate court agreed with the Supreme Court...
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