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Appeal from the Superior Court of the District of Columbia (Hon. A. Franklin Burgess, Jr., Trial Judge)

Submitted June 12, 2001

This appeal presents issues of interpretation of a fidelity bond and, more particularly, a settlement agreement by which the issuer of the bond, Aetna Casualty and Surety Company (“Aetna”), in return for rights of subrogation and reimbursement, paid for certain losses suffered by the appellant labor Unions (hereafter collectively “MEBA”) at the hands of dishonest officers and employees. Upon suit by Aetna’s successor in interest, Travelers Casualty and Surety Company (“Travelers”), to enforce its right to reimbursement, the Superior Court granted summary judgment to Travelers, though awarding it only part of the monies claimed. The primary issue on appeal is whether an “excess loss” provision incorporated into the settlement agreement operated to bar any reimbursement to Travelers until MEBA had recovered its entire losses from the wrongdoing in question, something it had not done at the time of judgment (and may never do). In the main, we affirm the judgment of the trial court, but vacate and remand for trial on one aspect of the reimbursement award.

 
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