7th Circ. Told Chubb Owes Bank Coverage For Embezzlement

Law360, Chicago (February 26, 2013, 2:55 PM EST) -- Seventh Circuit judges grilled Bankmanagers Corp. over case law and jurisdictional issues Tuesday as the bank worked to convince the appeals panel that a Chubb Corp. unit owes it coverage in underlying litigation over $17.4 million embezzled from headphone maker Koss Corp.'s accounts.

Michael T. Hopkins of Hopkins McCarthy LLC, arguing for Bankmanagers and its Park Bank subsidiary, told the panel that Federal Insurance Co.'s community bank bond provides indemnification coverage for Koss' state court claims stemming from the bank's issuance of cashier's checks in a...
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