Lender Slaps Euler Hermes With $6M Coverage Suit

Law360, New York (January 7, 2011, 5:02 PM EST) -- Continental Business Credit Inc. is looking to recoup at least $6 million from Euler Hermes American Credit Indemnity Co., alleging the insurer fraudulently denied coverage under a policy listing Continental as the beneficiary and brought the lender near collapse.

The complaint, filed Wednesday in the U.S. District Court for the Central District of California, claims that Euler Hermes wrongly denied coverage to Tremago Partners LLP, a company Continental funded, and now seeks to pay more than $2 million in a settlement with Tremago, bypassing the fact...
To view the full article, register now.

Documents

Related

Sections

Case Information

Case Title

Continental Business Credit, Inc. v. Euler-Hermes America Credit Indemnity Company


Case Number

8:11-cv-00029

Court

California Central

Nature of Suit

Insurance

Judge

James V. Selna

Date Filed

January 5, 2011

Law Firms

Companies

UK Financial Services

UK Financial Services

Read Our Latest UK Financial Services Coverage

Financial Services Law360 UK provides breaking news and analysis on the financial sector. Coverage includes UK and European Union policy, enforcement, and litigation involving banks, asset management firms, and other financial services organizations.