4th Circ. Clears SunTrust's $40M Win In Loan Coverage Suit

Law360, New York (February 4, 2013, 3:30 PM EST) -- The Fourth Circuit on Friday affirmed a $40 million SunTrust Mortgage Inc. win in a battle over coverage of defaulted loans, but revived a counterclaim brought by United Guaranty Residential Insurance Co. over SunTrust’s obligation to pay $92 million in renewal premiums.

In a 2-1 ruling, the appeals panel backed up a Virginia federal judge’s determination that United Guaranty breached an insurance agreement by refusing to pay claims on 1,305 defaulted IOF Combo 100 loans. The parties disputed whether guidelines in the policy covering those loans...
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