First Defiance Financial Corp. v. Progressive Casualty Insurance

MEMORANDUM OPINION AND ORDER

JACK ZOUHARY, District Judge.

Introduction

This is a disagreement over whether a fidelity bond covers a bank employee’s theft of money from customers’ brokerage accounts. Plaintiffs First Defiance Financial Corporation (FDF), First Federal Bank of the Midwest (the Bank), and First Insurance and Investments, Inc. (FII) (collectively: First Defiance), purchased a Financial Institution Bond (bond) from Defendant Progressive Casualty Insurance Company (Progressive). The parties filed cross-Motions for Summary Judgment (Doc. Nos. 39 & 46). First Defiance argues the bond…