2nd Circ. Won't Revive Coverage Suit Over Madoff Scheme

Law360, New York (May 11, 2011, 7:26 PM EDT) -- The Second Circuit on Wednesday refused to let Associated Community Bancorp Inc. reopen a suit claiming Travelers Cos. unit St. Paul Mercury Insurance Co. improperly denied coverage for defense costs stemming from Bernard L. Madoff's Ponzi scheme.

U.S. District Judge Janet C. Hall threw the case out in April 2010 and refused to let the bank holding company and its Westport National Bank unit file a third amended complaint.

Associated sued the insurers in 2009 for defense coverage of four lawsuits accusing the bank of breach...
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.