Business Associations Keyed to Hamilton
McCullough v. Fidelity & Deposit Co.
Fidelity & Deposit Co. (F & Defendant) (Defendant) issued liability policies, covering claims made against insured officers and directors if the required notice was given to the insurer during the time the policy was in force, to four affiliate banks and three subsidiaries. Because of increasing loan losses and delinquencies, F & Defendant (Defendant) informed the banks that it intended to cancel their policies. A cease-and-desist order was issued by the Office of the Comptroller of the Currency (OCC) to one of the subsidiaries by its primary regulator. When the banks were declared insolvent, the Federal Deposit Insurance Corporation (FDIC) (Plaintiff) then sued the directors and officers for improperly making, administering, or collecting loans. Defendant denied coverage to the officers and directors under the policies. Plaintiff then filed this action. The court found that Plaintiff had not shown that Defendant received written notice of a potential claim under the policy and granted summary judgment to Defendant. Plaintiff appealed.
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