Professional Liability Insurer: No Coverage For Loss Over Fraudulent Wire Transfer

Mealey's (March 27, 2023, 8:10 AM EDT) -- BURLINGTON, Vt. — A professional liability insurer filed suit in a federal court in Vermont seeking a declaration that there is no coverage owed for an underlying state court lawsuit brought against its law firm insured, contending that the underlying claims fail to allege “damages” under the policy because it demands "restitution, reduction, disgorgement or set-off of" the underlying clients' funds that the insured both “held” and “controlled.”...