Federal Sav. and Loan Ins. Corp. v. Heidrick

MEMORANDUM

HERBERT F. MURRAY, Senior District Judge.

Presently pending before the Court are plaintiffs’ and defendant American Casualty’s cross-motions for summary judgment. At issue in these cross-motions is the interpretation of the “Directors’ and Officers’ Liability Insurance Policy for Savings and Loan Associations Including S & L Reimbursement” (hereafter “the policy”) which was issued to the now insolvent Fidelity Federal Savings and Loan Association (hereafter “Fidelity”). For the reasons stated below, plaintiffs’ motion is granted and defendant’s motion is denied.

I. FACTS AND…