City of Akron v. Fidelity & Casualty Co.

MARTIN, Circuit Judge.

This litigation stems from the liquidation of The Commercial Bank and Trust Company of Akron, Ohio, in which the appellant, City of Akron, had deposited public funds, which, pursuant to the statutes of Ohio and the city ordinances, were protected by certain depository bonds executed and delivered by seven surety companies, including the appellee, Fidelity and Casualty Company of New York. The bank deposits of the City had been further protected by collateral security, consisting of real estate mortgages and municipal bonds. Upon the failure of the Bank, the City of Akron…