For Your Data Mccullough V. Fidelity & Deposit Co. Representative Brief
March 18, 2016
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McCullough v. Fidelity & Deposit Co. representative brief summary
ii F.3d 110 (1993)
CASE FACTS
Insurer issued 4 directors' together with officers' liability policies to 4 affiliate banks. The banks provided the insurer amongst reports that described increasing loan losses together with delinquencies together with an annual report. Influenza A virus subtype H5N1 footnote of the annual study referred to the issuance of a cease together with desist social club past times the Office of the Comptroller of the Currency (OCC). The OCC declared the banking concern insolvent together with declared the FDIC as receiver. FDIC sued the banks' directors together with officers for improperly administering loans. The insurer denied coverage. The FDIC then filed its declaratory judgment activeness against the insurer.
DISCUSSION
CONCLUSION
The courtroom affirmed the district court's grant of summary judgment inwards favor of the insured together with held that the insured was non required to render coverage to the officers together with directors of the insured banks in the FDIC's action against the insured banks because the insured banks failed to grade the take away reveal to the insurer equally required nether the policy of the officers' together with directors' acts or omissions.
Recommended Supplements for Corporations together with Business Associations Law
ii F.3d 110 (1993)
CASE SYNOPSIS
Appellant Federal Deposit Insurance Corporation (FDIC) sought review of the determination of the the States District Court for the Southern District of Texas which flora no coverage nether appellee insurer's policy together with granted summary judgment to insurer in FDIC's declaratory judgment activeness against insurer to arrive at upward one's hear whether insurer provided coverage nether a directors' together with officers' liability policy.CASE FACTS
Insurer issued 4 directors' together with officers' liability policies to 4 affiliate banks. The banks provided the insurer amongst reports that described increasing loan losses together with delinquencies together with an annual report. Influenza A virus subtype H5N1 footnote of the annual study referred to the issuance of a cease together with desist social club past times the Office of the Comptroller of the Currency (OCC). The OCC declared the banking concern insolvent together with declared the FDIC as receiver. FDIC sued the banks' directors together with officers for improperly administering loans. The insurer denied coverage. The FDIC then filed its declaratory judgment activeness against the insurer.
DISCUSSION
- The district courtroom entered judgment inwards favor of the insurer.
- The courtroom held that the policy required the insured to grade reveal of specified wrongful acts of officers together with directors together with that the banks did non grade the insurer the required reveal because it did non attach a re-create of the cease together with desist social club together with did non render reveal of the detail facts together with the detail officers, or directors involved.
- Mere reveal of the bank's worsening fiscal status was non reveal of the officer's or director's act, error, or omission.
CONCLUSION
The courtroom affirmed the district court's grant of summary judgment inwards favor of the insured together with held that the insured was non required to render coverage to the officers together with directors of the insured banks in the FDIC's action against the insured banks because the insured banks failed to grade the take away reveal to the insurer equally required nether the policy of the officers' together with directors' acts or omissions.
Recommended Supplements for Corporations together with Business Associations Law