Paddleford v. Fidelity & Casualty Co. of New York

MAJOR, Circuit Judge.

This action was brought by the plaintiffs who were engaged in the general stock and graiti brokerage business, to recover losses suffered by them through the dishonest acts of one of their employees, under Fidelity Bonds issued to plaintiffs by defendants, known as “Brokers’ Basic Blanket Bonds,” which bonds by their terms indemnified plaintiffs against any loss sustained “through any dishonest act of any of the employees, wherever committed and whether committed directly or by collusion with others.” The bonds and endorsements of both defendants were Standard forms of…