Santander Dismisses $20M Coverage Suit Over Row With BNY

Law360, New York (April 9, 2014, 7:08 PM EDT) -- Santander Holdings USA Inc. agreed Tuesday to dismiss its suit in Pennsylvania federal court alleging U.S. Specialty Insurance Co. refused to reimburse it $20 million for a settlement it reached with Bank of New York Mellon Trust Co. in a dispute over the takeover of Sovereign Bancorp Inc.

Santander and U.S. Specialty reached an agreement Dec. 20 and dismissed the Aug. 28 complaint with prejudice on Tuesday but did not disclose the terms of the agreement, according to court filings. The suit had asked for coverage of indemnity payments, plus damages.

Santander's suit accused the insurer of refusing to pay despite a...

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