Hilco Demands Coverage For Banks' $41M Negligence Suits

Law360, Chicago (January 19, 2012, 7:53 PM EST) -- Hilco Trading LLC has sued Liberty Surplus Insurance Corp., Ace American Insurance Co. and Continental Casualty Co. in Illinois, demanding coverage for two negligence lawsuits that seek $41.3 million in total damages from the financial services firm, according to a complaint released Tuesday.

Hilco and several of its affiliates and executives claim the insurers have shirked their duties to defend it in suits brought by Patriot Group LLC and the New York branch of Unicredit Bank AG accusing the firm of preparing shoddy collateral appraisals that...
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