Pa. Bank Sues CNA Unit Over Coverage Denial For CEO Probe

Law360, New York (October 10, 2012, 6:41 PM EDT) -- A unit of commercial insurer CNA Financial Corp. was hit with a suit by a Pennsylvania bank Friday over its alleged denial of coverage to the bank in response to a letter by the bank's shareholder accusing its CEO of running a personal business out of the bank's offices.

In a complaint filed in Pennsylvania federal court, Republic First Bancorp Inc. claimed that Continental Casualty Co. had wrongfully rejected a July 2011 letter for not meeting the meaning of a shareholder demand in the context of...
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