Cryobank Denied Coverage In Fighting Investor Fraud Claims

Law360, Los Angeles (March 23, 2012, 5:17 PM EDT) -- A California judge ruled Friday that Continental Casualty Co. isn't required to provide coverage to Lifeforce Cryobank Sciences Inc. as it fights claims it siphoned millions from another company and defrauded its shareholders, deciding Lifeforce's president was acting independently when the fraud was committed.

California Superior Court Judge Michael C. Solner said under state law, Continental doesn't owe Lifeforce President Syed Raheel coverage because he is accused of intentional wrongdoing in an underlying litigation. Raheel is accused of hatching a scheme that depleted the funds of...
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