Hartford Casualty Insurance v. Federal Deposit Insurance

KAUFMAN, District Judge.

Plaintiffs (“Hartford”) are six corporate entities, each affiliated with the ITT Hartford Insurance Group of Companies. In February 1984, Hartford Accident & Indemnity Co., one of those six entities, furnished a performance bond for Morchem Resources, Inc. (“Morchem”) to secure a project undertaken by Morchem for Peoples Gas System, Inc. (“Peoples”), the obligee under the bond. Morchem contracted with Peoples to remove and to dispose of sludge from three low pressure gas holding vessels located in North Miami Beach, Florida. As collateral, Mor-chem gave Hartford a…