Allied, Insurer Smooth Out Investor Suit Coverage Quarrel

Law360, New York (March 30, 2012, 8:29 PM EDT) -- Allied Mortgage & Financial Corp. and Philadelphia Indemnity Insurance Co. on Friday resolved their dispute in Florida federal court over whether PIIC was liable to cover the insolvent mortgage firm for claims including negligent misrepresentation in underlying investor suits.

U.S. District Judge Federico A. Moreno dismissed the suit with prejudice after the parties said Thursday that they had reached an agreement and would bear their own legal costs. Terms of the settlement were not disclosed.

PIIC lost its bid for summary judgment in October, when U.S....
To view the full article, register now.