Progressive Can't Shake Bank’s Ponzi Settlement Claims

Law360, New York (November 17, 2011, 7:07 PM EST) -- An Oregon federal judge on Monday denied Progressive Casualty Insurance Co.'s motion for judgment in a lawsuit over coverage for Umpqua Bank's settlement in underlying litigation over the bank’s alleged involvement in a bankrupt company’s Ponzi scheme.

U.S. District Judge Ann Aiken denied the insurers' motion for judgment on the pleadings, saying Umpqua's suit was not blocked by a policy exclusion barring coverage for claims arising from bad faith on the part of the bank. While Progressive had argued that the exclusion covered acts of bad...
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