Law360, New York (November 17, 2011, 7:07 PM ET) -- An Oregon federal judge on Monday denied Progressive Casualty Insurance Co.'s motion for judgment in a lawsuit over coverage for Umpqua Bank's settlement in underlying litigation over the bank’s alleged involvement in a bankrupt company’s Ponzi scheme.
U.S. District Judge Ann Aiken denied the insurers' motion for judgment on the pleadings, saying Umpqua's suit was not blocked by a policy exclusion barring coverage for claims arising from bad faith on the part of the bank. While Progressive had argued that the exclusion covered acts of bad...
Progressive Can't Shake Bank’s Ponzi Settlement Claims
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