Bralko Holdings, Ltd. v. Insurance Co. of North America

Braiko Holdings, Ltd., appeals from an order of the circuit court granting summary disposition in favor of Insurance Company of North American (icna) in Braiko’s garnishment action against a broker’s blanket fidelity bond issued by icna covering third-party-defendant Barbret-LaBadie, Inc. We affirm.

In the underlying action, Braiko obtained a $100,000 consent judgment against Barbret-LaBadie on a claim based upon the payment of $100,000 in commissions to Barbret-LaBadie by Braiko for the sale of certain partnership interests. An offering circular for the partnership interests had prohibited…