3M Co. v. National Union Fire Insurance Co. of Pittsburgh

SMITH, Circuit Judge.

3M Company (“3M”) incurred losses on a number of investments due to fraud perpetrated by its own investment advis-ors. 3M purchased a “Blanket Crime Policy” (“the Policy”) issued by National Union Fire Insurance Company of Pittsburgh, PA, Great American Insurance Company, St. Paul Fire & Marine Insur- anee Company, Federal Insurance Company, and Zurich American Insurance Company (collectively, “the Insurers”). 3M claimed that it earned returns on investments that were subsequently lost due to its advisors’ malfeasance. 3M filed an insurance claim to recover the loss of…