Insurer, ShoreBank Execs Near Deal In $73M Coverage Fight

Law360, Los Angeles (October 28, 2015, 8:58 PM EDT) -- St. Paul Mercury Insurance Co. has reached a tentative settlement in its suit claiming it doesn't have to defend five former ShoreBank Corp. executives in a Federal Deposit Insurance Corp. action alleging their loose lending led to $73 million in losses and directly contributed to the bank's failure, according to court papers filed Tuesday.

The insurer, the FDIC and the former executives submitted a joint status report to U.S. District Judge Manish S. Shah, indicating that the parties are "obtaining signatures" for the tentative settlement and requesting a stay of the proceedings while they work to complete the deal. Judge Shah...

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