FDIC Rips Insurer's Bid To Escape Puerto Rico Bank Dispute

Law360, New York (July 13, 2017, 6:31 PM EDT) -- The Federal Deposit Insurance Corp. and the directors of a failed Puerto Rico bank it is suing over alleged bad loans came together to blast the bank's insurer for its attempt to escape coverage for the suit, saying the insurer is trying to pass off dozens of separate loans as a single prior act.

The FDIC and the former directors and officers of R-G Premier Bank filed motions in opposition to XL Specialty Insurance Co.'s attempt to escape coverage under a "prior acts" exclusion, saying the company is wrongly interpreting the FDIC's suit as a single complaint about the bank's lending...

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