11th Circ. Nixes St. Paul Win In Bank's Bond Suit

Law360, New York (March 16, 2011, 3:16 PM EDT) -- The Eleventh Circuit on Wednesday overturned a judgment in favor of St. Paul Mercury Insurance Co. in a coverage dispute over a bank's loss after the default of a loan that was secured by a forged guaranty.

The U.S. Court of Appeals for the Eleventh Circuit vacated a lower court's decision to grant summary judgment to St. Paul in a lawsuit brought by Beach Community Bank accusing the insurer of failing to honor a financial institution bond that covered losses resulting directly from the extension of...
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