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Financial Institutions › Denial of Insurance Coverage

Wiley Rein LLP

Third Circuit: Changes in Exposure Provision Bars Coverage for Pre-Merger Liabilities

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In a win for Wiley’s client, the United States Court of Appeals for the Third Circuit, applying Pennsylvania law, affirmed judgment on the pleadings in favor of a group of insurers on the ground that a Changes in Exposure...more

Wiley Rein LLP

Lending Exclusion in Bankers Professional Liability Policy Bars Coverage For Claim Alleging Financing a Ponzi Scheme

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The United States District Court for the Central District of California, applying California law, has held that a lending exclusion in a bankers professional liability policy barred coverage for underlying lawsuits alleging...more

Wiley Rein LLP

No Notice-Prejudice Exception Applies to Financial Institution Bonds under Oklahoma Law

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The United States District Court for the Northern District of Oklahoma has held, as a matter of first impression, that no notice-prejudice exception applies under Oklahoma law to a financial institution bond in the case of an...more

Lathrop GPM

COVID-19 Leads to New Class Actions

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Like every aspect of our society, the coronavirus is affecting class action litigation. In the last month a rush of new “corona” class actions have been filed, and businesses are seeing novel class claims. The headlines have...more

Hinshaw & Culbertson LLP

Court Rejects Coverage for Phishing Loss Under Financial Institutions Bond, Calls for More Briefing on Computer Systems Fraud...

Hinshaw & Culbertson LLP on

A New Jersey federal district court held last week that losses arising out of a phishing scam were not covered under a bank's Financial Institutions Bond. In Crown Bank JJR Holding Co. v. Great Am. Ins. Co., 2020 U.S. Dist....more

Skadden, Arps, Slate, Meagher & Flom LLP

Privacy & Cybersecurity Update - November 2018

Skadden, Arps, Slate, Meagher & Flom LLP on

In this month's edition of our Privacy & Cybersecurity Update, we examine a declaration on ethical considerations for artificial intelligence, the annual joint review of the Privacy Shield, a new lawsuit from a snack food...more

Cozen O'Connor

Claim For Fraudulent Wire Transfer Under Commercial Crime Policy Found to be Covered, Although Denial Not In Bad Faith

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Principle Solutions Group, LLC, an information technology company, lost $1.717 million when it became the victim of a fraud scheme for which it sought coverage under the terms of a commercial crime policy issued by Ironshore...more

Cozen O'Connor

Minnesota Harmonizes the Mortgage Clause and the Vacancy Clause

Cozen O'Connor on

Lat week, Minnesota’s highest court unanimously held that a mortgagee’s recovery for vandalism damage to a vacant building is only barred by the vacancy clause if the insured’s acts caused the vacancy. The decision is ...more

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