American Casualty Co. of Reading v. Federal Savings & Loan Insurance

MEMORANDUM AND ORDER

HENRY WOODS, District Judge.

Pending now are the cross-motions for summary judgment of the plaintiff, American Casualty Company of Reading, Pennsylvania (American), and the defendants, the Federal Savings and Loan Insurance Corporation, as Receiver for FirstSouth, F.A. (FSLIC), and several former officers and directors of FirstSouth. American brought this action seeking a judgment declaring that it is not liable to the former officers and directors of FirstSouth, under a Directors’ and Officers’ Liability Insurance Policy issued to FirstSouth, for losses and expenses…