Cincinnati Insurance Settles Coverage Suit For $4M

Law360, New York (February 26, 2010, 5:46 PM EST) -- The Cincinnati Insurance Co. has agreed to shell out more than $4 million to settle a dispute over a policy it issued to bank holding company United Security Bancshares Inc. that covered losses resulting from dishonest or fraudulent conduct by employees.

USB announced Wednesday that it had entered into a settlement agreement to resolve all claims that it, banking subsidiary First United Security Bank and finance company subsidiary Acceptance Loan Company Inc. asserted against Cincinnati Insurance, which is a subsidiary of Cincinnati Financial Corp.

Under the...
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