The Appellate Division, First Department, clarified the “manifest intent” standard for determining whether an insurance policy must cover losses resulting from the fraudulent acts of a bank employee.
A unanimous panel Thursday affirmed denial of summary judgment by Manhattan Commercial Division Justice Jeffrey Oing (See Profile) in Keybank National Association v. National Union Fire Insurance Company of Pittsburgh, 104125/10, but ruled Oing had improperly applied the “manifest intent” standard with respect to the employee’s actions.
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