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Home » Store » News » Federal Court Says Fraud is No Defense Against Clear Policy Language Ensuring Timely Investor Payment

Federal Court Says Fraud is No Defense Against Clear Policy Language Ensuring Timely Investor Payment

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A federal appeals court has ordered a North Carolina-based loan insurer to pay potentially millions of dollars in losses incurred by major financial institutions that were swindled in an allegedly fraudulent student loan scheme that went bad. Essentially, the U.S. Court of Appeals for the 3rd Circuit told Royal Indemnity Co. that it cannot use fraud or any other excuse to renege on a commitment to pay investors if the policy clearly guarantees a…
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