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Insurer Sued Over Refusal To Cover $20M Fraud By Bank

Law360, New York (November 9, 2017, 3:15 PM EST) -- The U.S. branch of Raiffeisen Bank International AG has hit Allianz Global Risks US Insurance Co. with a suit in New York federal court over the insurer’s refusal to cover the $16.7 million that Raiffeisen claims it lost after a client falsified documents to obtain $20 million in loans.

RBUSA, whose parent company is based in Austria, held a crime insurance policy with Allianz from November 2015 to November 2016. The policy clearly covers loss due to computer fraud, RBUSA said in its Wednesday complaint, and...
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