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

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 that the insured funded an entity operating a Ponzi scheme. Pacific Premier Bancorp, Inc. v. Zurich Am. Ins. Co., No. CV 22-842 PA (C.D. Cal. Nov. 25, 2024). The court found this to be the case regardless of which of two endorsements applied to modify the exclusion.

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Tenth Circuit Deems D&O Policy Ambiguous Based on Interplay of Coverage Grant with Managed Care Exclusion
Tenth Circuit Deems D&O Policy Ambiguous Based on Interplay of Coverage Grant with Managed Care Exclusion
No Coverage Under Primary Policy for Potential Claim Reported During Extended Reporting Period or Under Excess Policy Based on Applicability of “Retroactive Date” Exclusion
No Coverage Under Primary Policy for Potential Claim Reported During Extended Reporting Period or Under Excess Policy Based on Applicability of “Retroactive Date” Exclusion
Court Considers Prior Notice, Intentional Acts, and Contract Exclusions as Applied to Insured’s Violation of California Franchise Investment Law for Incomplete Franchise Disclosures
Court Considers Prior Notice, Intentional Acts, and Contract Exclusions as Applied to Insured’s Violation of California Franchise Investment Law for Incomplete Franchise Disclosures
Federal Court Determines Individual’s Receipt of a Subpoena Does Not Establish the Existence of an Investigation of a Wrongful Act by the Recipient
Federal Court Determines Individual’s Receipt of a Subpoena Does Not Establish the Existence of an Investigation of a Wrongful Act by the Recipient
Law Firm Had Duty to Report Omission, Even Though Clients Promised Not to Sue
Law Firm Had Duty to Report Omission, Even Though Clients Promised Not to Sue
New York Federal Court Holds Prior Knowledge Exclusion Applies Only to Known Claims, Not Facts and Circumstances That Could Lead to a Claim
New York Federal Court Holds Prior Knowledge Exclusion Applies Only to Known Claims, Not Facts and Circumstances That Could Lead to a Claim
Series-Qualifier Canon of Construction Determines the Effect of a Clause at the End of a Series
Series-Qualifier Canon of Construction Determines the Effect of a Clause at the End of a Series
Costs to Respond to Third-Party Subpoena Do Not Constitute a Claim
Costs to Respond to Third-Party Subpoena Do Not Constitute a Claim
Court Denies Reinsurer’s Motion for Judgment on the Pleadings Where Complaint Alleged Retaliatory Conduct During Applicable Policy Period
Court Denies Reinsurer’s Motion for Judgment on the Pleadings Where Complaint Alleged Retaliatory Conduct During Applicable Policy Period
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