'Corporation' In Contract Not Ambiguous: 5th Circ.

Law360, New York (January 22, 2009, 12:00 AM EST) -- A federal appeals court has affirmed summary judgment against American Electric Power Co. Inc. and agreed with a lower court that the term "corporation" in an employee theft insurance contract is not ambiguous and does not extend to limited liability companies.

A panel of the U.S. Court of Appeals for the Fifth Circuit upheld the ruling of a Louisiana district court Wednesday in favor of Affiliated FM Insurance Co. in a dispute with AEP over the enforcement of a policy issued by another insurer to another...
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