11th Circ. Backs Colonial In Real Estate Case

Law360, New York (September 24, 2010, 5:30 PM EDT) -- A federal appeals court has affirmed that a unit of Southwest Georgia Financial Corp. was not entitled to coverage from Colonial American Casualty and Surety Co. over settlement payments made to banks following a failed real estate venture.

The U.S. Court of Appeals for the Eleventh Circuit on Thursday upheld a lower court’s grant of summary judgment for the insurer, finding that no “loss” occurred under the insurance policy.

Bank-holding firm Southwest Georgia took out a Colonial policy that also covered its unit handling real estate...
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