Insurer's Appeal Over $27M Accident Payout Backfires

Law360, New York (April 7, 2011, 6:15 PM EDT) -- The Second Circuit ruled Thursday that Federal Insurance Co. must pay all of a $26.5 million settlement over a tow truck operator's accident, reversing a decision requiring the insurer to pay only half that amount.

The U.S. Court of Appeals for the Second Circuit's reversal in favor of defendant-appellees American Home Assurance Co. and National Union Fire Insurance Co. of Pittsburgh, Pa., struck a blow to Federal, which had appealed the lower court ruling.

Federal launched the action in July 2007 as a subrogee of American...
To view the full article, register now.

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.