Pacific Indemnity Co. v. Security First Nat. Bank

—Plaintiff Pacific Indemnity Company appeals from the judgment denying it any recovery from respondent bank for sums paid by plaintiff under its indemnity contract with Credit Managers Association of Southern California in compensation for losses sustained by Credit Managers by reason of the alleged negligent and unauthorized actions of respondent bank which enabled one Nolan Brown, a Credit Managers employee, to consummate his plan to embezzle his employer’s funds. Appellant’s complaint sets forth causes of action sounding in negligence and conversion.

*79Regrettably the relatively simple and…