Travelers, St. Paul Dodge Bank's Madoff Coverage Spat

Law360, New York (April 15, 2010, 6:42 PM EDT) -- Travelers Cos. Inc. and St. Paul Mercury Insurance Co. have won dismissal of a bank's suit over defense costs related to losses from Bernard L. Madoff's $65 billion Ponzi scheme following a judge's ruling that the policy's insolvency exclusion bars coverage.

Judgment was entered in the insurance companies' favor on Wednesday in the U.S. District Court for the District of Connecticut.

Judge Janet C. Hall issued a memorandum April 8 dismissing without leave to amend the complaint filed by Associated Community Bancorp Inc., subsidiary Connecticut Community...
To view the full article, register now.
Law360 Pro Say Podcast
Check out Law360's new podcast, Pro Say, which offers a weekly recap of both the biggest stories and hidden gems from the world of law.