Great American Off Hook For $22M In Fraud Claims

Law360, New York (February 17, 2009, 12:00 AM EST) -- Finding that Great American Insurance Co. had the right to rescind a policy because of misrepresentations, a federal judge has ruled that the insurer does not have to pay the Federal Deposit Insurance Corp. more than $22 million in claims related to alleged fraud by executives of the now-defunct Connecticut Bank of Commerce.

Judge Vanessa L. Bryant issued an order Friday in the U.S. District Court for the District of Connecticut denying summary judgment to the FDIC, which has taken over the assets of the bank,...
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