CHICAGO - The Seventh Circuit U.S. Court of Appeals on April 5 affirmed a lower federal court's ruling that an insurer has no duty to defend or indemnify a bank insured in its lawsuit against a corporation to determine who is responsible for the embezzlement of $17.4 million by the corporation's vice president of accounting (Bankmanagers Corporation, et al. v. Federal Insurance Co., Nos. 12-3202 & 13-1506, 7th Cir.; 2013 U.S. App. LEXIS 6877)....(read more)![]()
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