Progressive Sues To Deny Coverage Of Bank's $86M FDIC Suit

Law360, New York (April 20, 2012, 4:07 PM EDT) -- Progressive Casualty Insurance Co. argued in a lawsuit filed Friday that it shouldn't have to cover Silver State Bank in an $86 million suit the Federal Deposit Insurance Corp. brought that alleges the now-defunct bank's former executives negligently approved bad real estate loans.

The FDIC was appointed receiver of the Nevada bank in 2008, and earlier this year it sued four former Silver State directors and officers alleging they committed gross negligence and breached their fiduciary duties in approving risky loans to Las Vegas developers....
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