Federal Insurance Company v. Banco Popular De Puerto Rico, Federal Insurance Company v. Banco Popular De Puerto Rico

LEVIN H. CAMPBELL, Chief Judge.

This diversity case was heard on cross-appeals from the district court’s judgment of $25,454.26 in damages to plaintiffs, Federal Insurance Company and Aetna Insurance Company, for losses suffered by their assignor, International Charter Mortgage Corp. (ICMC), when Banco Crédito and Banco Popular credited to an ICMC employee’s credit card debt checks he embezzled from ICMC. The district court, holding that both ICMC and the banks acted negligently, found defendants Banco Popular, acting in its own behalf and in its role as successor in interest to Banco Crédito,…