Santander Sues Insurer For BNY Settlement Coverage

Law360, New York (August 29, 2013, 2:46 PM EDT) -- Santander Holdings USA Inc. sued U.S. Specialty Insurance Co. in Pennsylvania federal court Wednesday, claiming the insurer has refused to reimburse it $20 million for a settlement it reached with Bank of New York Mellon Trust Co. in a 2009 dispute over the takeover of Sovereign Bancorp Inc.

The complaint, which also asks for coverage of indemnity payments plus damages, accuses the insurer of refusing to pay despite a directors and officers policy Santander claims makes it clear the insurer is on the hook for the...
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