Travelers Indemnity Co. v. State

OPINION

EUBANK, Judge.

The issue presented by this appeal is whether the trial court erred by granting summary judgment to the appellee insurance company on the basis that there was no coverage under a liability insurance policy. We find no error and affirm.

This action originates from the financial collapse of Lincoln Thrift Association and U.S. Thrift Association. The investors in these associations filed a class action suit against the State of Arizona for the latter’s alleged failure to properly regulate and supervise the associations as required by law. The state sought to have its insurer…