Legal Opinion
Universal Mortgage Corp. v. Württembergische Versicherung AG
Court of Appeals for the Seventh Circuit
Decided July 11, 2011No. 10-3015PublishedCited by 18 opinions
1Opinion of the Court
SYKES, Circuit Judge.
Württembergische Versicherung AG (“Württ”) is one of several investors (the “Underwriters”) in a mortgage bankers blanket bond issued to Universal Mortgage Corporation. As relevant to this case, the bond insures Universal against financial loss resulting from employee misconduct. One of Universal’s employees engaged in a scheme by which, for a kickback, he caused Universal to fund mortgages below its standards. Not knowing-the loans were substandard, Universal sold them, warranting that they met its standards. When investors realized the loans were substandard, they…
2Cases cited11 opinions
- Federal Deposit Insurance Corporation v. United Pacific Insurance CompanyCourt of Appeals for the Tenth Circuit · 1994
- First State Bank of Monticello v. Ohio Casualty InsuranceCourt of Appeals for the Seventh Circuit · 2009
- First National Bank of Manitowoc, Plaintiff-Appellee/cross-Appellant v. Cincinnati Insurance Company, Defendant-Appellant/cross-AppelleeCourt of Appeals for the First Circuit · 2007
- The Vons Companies, Inc.,plaintiff-Appellant v. Federal Insurance Company,opinionCourt of Appeals for the Ninth Circuit · 2000
- Aetna Casualty & Surety Co. v. Kidder, Peabody & Co.Appellate Division of the Supreme Court of the State of New York · 1998
6 more not listed; retrieve them via the Exa API.
3Cited by18 opinions
- Retail Ventures, Inc. v. National Union Fire InsuranceCourt of Appeals for the Sixth Circuit · 2012
- Cooper Industries, Ltd. v. National Union Fire Insurance Co. of PittsburghCourt of Appeals for the Fifth Circuit · 2017
- American Tooling Center, Inc. v. Travelers Cas. & Surety Co.Court of Appeals for the Sixth Circuit · 2018
- First Defiance Financial Corp. v. Progressive Casualty InsuranceCourt of Appeals for the Sixth Circuit · 2012
- BJ Services S.R.L. v. Great American InsuranceCourt of Appeals for the Fifth Circuit · 2013
13 more not listed; retrieve them via the Exa API.