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...
To view the full article, register now.
Law360 Pro Say Podcast
Check out Law360's new podcast, Pro Say, which offers a weekly recap of both the biggest stories and hidden gems from the world of law.