Duped Tech Co. Says Chubb Unit Must Cover $4.8M Fraud

Law360, Los Angeles (February 10, 2015, 3:34 PM EST) -- Clinical research technology company Medidata Solutions Inc. sued a Chubb Corp. unit Monday in New York federal court, alleging the insurer wrongly denied coverage for $4.8 million in losses Medidata suffered as a result of fraudulent scheme that induced the company to wire money to an overseas account.

Medidata, which works with the medical and biotechnology research industries, asserted in its complaint that Federal Insurance Co. should be required to cover its losses from the fraud. Mid-level employees in the company's finance department were deceived into transferring the money based on emails that were forged to appear as though they came...

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