Wells Fargo & Co. v. Industrial Indemnity Co.

Plaintiffs Wells Fargo & Company and First Interstate Bank of Oregon, hereafter referred to jointly as First Interstate, 1 initiated this action against defendant insurer Industrial Indemnity Company (Industrial) after Industrial denied coverage on one of First Interstate’s claims. The claim concerned First Interstate’s liability for mismanaging certain escrow accounts. The underlying facts concerning First Interstate’s handling of some of these escrow accounts are discussed at length in our opinions in Ainslie v. First Interstate Bank, 148 Or App 162, 939 P2d 125 (1997), and Ainslie v.…