Western Equities, Inc. v. St. Paul Fire & Marine Insurance

This is an action for defense costs and indemnification brought by Randy Smith and his employer, Western Equities, Inc., against their insurer, St. Paul Fire and Marine Insurance Company. Smith and Western Equities were sued for breach of fiduciary duty and misrepresentation arising out of a transaction in which Smith agreed to purchase a piece of property and then assigned his interest in the property to a third party. Smith and Western Equities tendered the complaint in the underlying action to defendant, which refused to defend or indemnify them, prompting them to file this lawsuit. In…