Finci v. American Casualty Co. of Reading

RODOWSKY, Judge.

First Maryland Savings and Loan, Inc. (FMSL), a Maryland chartered, capital stock, savings and loan association, is insolvent, and State of Maryland Deposit Insurance Fund Corporation (MDIF) is its receiver. This action involves the construction of a directors’ and officers’ (D & 0) liability insurance policy issued to FMSL by American Casualty Company of Reading, Pennsylvania (ACCO). In an underlying action MDIF obtained substantial judgments against former directors and officers of FMSL. Three of the judgment debtors, as part of settlements with MDIF, assigned their claims…