Lloyd's Seeks End To Coverage Suit Over $16M ATM Theft

Law360, Houston (November 20, 2013, 10:44 PM EST) -- Lloyd’s of London urged a Texas appeals court Wednesday to nix a suit brought by Cardtronics Inc. over insurance coverage for a $16 million theft, saying the company was required to first pursue the armored truck company that ripped off Cardtronics’ automated teller machines.

The insurer argued to the First District Court of Appeals that Cardtronics’ insurance coverage didn’t kick in until the company “exhausted” all of its remedies against insurers of defunct Mount Vernon Money Center, which perpetrated the fraud. Although Lloyd’s eventually covered most...
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