Comerica Inc. v. Zurich American Insurance

OPINION AND ORDER DENYING PLAINTIFF’S MOTIONS FOR PARTIAL SUMMARY JUDGMENT AND GRANTING DEFENDANT’S MOTION FOR SUMMARY JUDGMENT

LAWSON, District Judge.

Plaintiff Comerica, Inc., a financial services corporation (i.e., bank), entered into a settlement of five securities fraud class action lawsuits (which had been consolidated into two actions) for $21 million. Com-erica’s primary insurance carrier, Federal Insurance Company — which disputed coverage on at least some of the claims on various grounds and whose policy carried a $20-million limit of liability — ultimately agreed to pay $14 million…