Federal Deposit Insurance Corp. v. BancInsure, Inc.

MEMORANDUM **

The Federal Deposit Insurance' Corporation (“FDIC”), acting as receiver of the failed Security Pacific Bank (“Security Pacific”), seeks a declaratory judgment regarding whether a directors-and-officers-liability-insurance policy (“D&O Policy”) issued by Banclnsure, Inc. (“Banclnsure”) to Security Pacific1 covers losses arising from the negligence, gross negligence, and breach of fiduciary duty allegedly committed by certain of Security Pacific’s former directors and officers. The district court concluded that the D&O Policy covers the FDIC’s claims and thus granted summary…