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FRENCH AM. BANKING CORP. v. FLOTA MERCANTE GRANCOLOMBIANA

No. 83 Civ. 5095 (KTD).

752 F.Supp. 83 (1990)

FRENCH AMERICAN BANKING CORP., Plaintiff, v. FLOTA MERCANTE GRANCOLOMBIANA, S.A., and Fireman's Fund Insurance Co., Defendants.

United States District Court, S.D. New York.

September 10, 1990.

Attorney(s) appearing for the Case

Cleary, Gottlieb, Steen & Hamilton, New York City (Edwin B. Mishkin, Deborah M. Buell, Peter J. Mozarsky, of counsel), for plaintiff.

Kroll & Tract, New York City (Jerome Murray, Michael Maillet, Joel M. Ross, Stephen Ungar, of counsel), for defendant Fireman's Fund Ins. Co.

OPINION

KEVIN THOMAS DUFFY, District Judge:

Plaintiff French American Banking Corporation ("FABC") brings this diversity action seeking to recover approximately $4 million, plus accrued interest, from defendant Fireman's Fund Insurance Company ("Fireman's") under a Banker's Blanket Bond ("Bond") issued by Fireman's to FABC. FABC alleges that it incurred that loss as a result of loan made to Colombian Coffee Company ("CCC") on the faith of certain ocean bills...

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