Insurer, Bank Wrestle Over $17M Fraud Loss Claim

Law360, New York (September 4, 2009, 4:09 PM EDT) -- Federal Insurance Co. has asked a district court to dismiss a South Carolina bank's claim that it acted in bad faith when it refused to cover a $17 million loss the bank had sustained in connection with a fraudulent real estate lending scheme.

Federal Insurance moved for summary judgment in the United States District Court for the District of South Carolina on Thursday, saying there was no factual evidence that it acted in bad faith in its investigation and denial of the claim made by Carolina...
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