Timken, Insurer Settle $5M Coverage Fight Over Ponzi Losses

Law360, Chicago (November 8, 2012, 4:25 PM EST) -- The Timken Co. has settled its fight with St. Paul Mercury Insurance Co. over the insurer's alleged refusal to provide up to $5 million in crime-loss coverage for $50 million Timken purportedly lost in a Ponzi scheme, according to an order entered in Ohio federal court Thursday.

U.S. District Judge John R. Adams issued the order dismissing the case with prejudice as the parties had requested Wednesday, the day that steel and bearings maker Timken had been set to submit a memorandum opposing St. Paul's sealed...
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