Insured-Vs.-Insured Ruling Undercuts FDIC's Bank Exec Suits

Law360, New York (September 16, 2013, 8:08 PM EDT) -- A Georgia federal court recently applied the insured-vs.-insured exclusion to block coverage for the Federal Deposit Insurance Corp.'s lawsuit blaming executives for a bank's failure, a rare victory for insurers that is expected to be cited heavily in future cases.

U.S. District Judge Richard Story held that the exclusion — which bars coverage for one insured under a directors and officers policy suing another insured — excused St. Paul Mercury Insurance Co. from defending a lawsuit the FDIC brought as the receiver of failed bank Community...
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