Banks Get Another Chance In Pearlman Insurance Suit

Law360, New York (October 9, 2009, 5:03 PM EDT) -- A judge has given six small banks another chance after ruling about two months ago that they were not entitled to coverage from BancInsure Inc. for losses suffered on loans extended to Lou Pearlman, the former manager of the Backstreet Boys and 'N Sync who is now serving 25 years in prison for running a $300 million Ponzi scheme.

In an order Thursday, Magistrate Judge Carolyn Ostby of the U.S. District Court for the District of Montana said she would set aside her July summary judgment...
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