Progressive Can't Dodge $37M FDIC Suit Against Bank Execs

Law360, New York (January 8, 2013, 4:05 PM EST) -- A Georgia federal judge ruled Friday that, for now, Progressive Casualty Insurance Co. cannot use its insured vs. insured exclusion to avoid covering a $37 million lawsuit the Federal Deposit Insurance Corp. brought against the former executives at the failed Omni National Bank.

U.S. District Judge Robert Vining Jr. refused to grant summary judgment to Progressive in a coverage dispute stemming from the FDIC's claims that Omni's directors and officers negligently allowed loans on low-income residential properties even though they violated Omni's loan policies, banking regulations...
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