In a ruling that could prove to be worth nearly $400 million for a pair of banks, the 3rd Circuit has ruled that Royal Indemnity Co. must honor insurance policies that covered defaulted student loans. The panel found that although Royal was the victim of a "spectacular fraud" by the now-bankrupt Student Finance Corp. to hide the fact that SFC student loans were defaulting at a rate of more than 80 percent, Royal had waived any rights to assert fraud-based defenses due to the plain language in its policies.
October 10, 2005 at 12:00 AM
1 minute read
The original version of this story was published on Law.Com
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