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AMERICAN CAS. CO. v. CONTINISIO

Civ. A. No. 91-5107.

819 F.Supp. 385 (1993)

AMERICAN CASUALTY COMPANY OF READING, PENNSYLVANIA and Continental Casualty Company, Plaintiffs, v. Nicholas CONTINISIO, et al., Defendants.

United States District Court, D. New Jersey.

March 30, 1993.

Attorney(s) appearing for the Case

Richard A. Simpson, Merril Hirsh, Lisa A. Battalia, James K. Lobsenz, Ross, Dixon & Masback, Washington, DC, Gerald T. Ford, Richard M. Lagani, Siff Rosen, Newark, NJ, for plaintiffs American Cas. Co. of Reading, Pa. and Continental Cas. Co.

David R. Boyd, Robert F. Schiff, Katherine Connor Linton, Comey & Boyd, Washington, DC, Edward F. Mannino, Ann M. Caldwell, Robert P. Curley, Mannino & Walsh, P.C., Philadelphia, PA, for F.D.I.C.

Carl Oxholm, III, Ann Marie Donio, Hangley Connolly Epstein Chicco Foxman & Ewing, Philadelphia, PA, for defendants Andrew G. Berenato, John Machise, James N. Rodio, and Robert E. Small.

Richard J. Sexton, Kenney & Kearney, Cherry Hill, NJ, for defendant Nicholas Continisio.

Cynthia D. Sora, Poplar & Eastlack, Turnersville, NJ, for defendant Joseph Caruso.

OPINION

GERRY, Chief Judge.

This is a declaratory judgment action brought by two insurance companies against the former directors and officers of a failed Savings and Loan Association, seeking a declaration that directors' and officers' liability insurance written by the insurance companies does not cover a suit brought by the Federal Deposit Insurance Corporation against the former directors and officers.

BACKGROUND

In May 1991, the Federal...

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