Business Services Industry
Bank sues own captive over WorldCom claim.
Business Insurance, September, 2005 by Mcleod, Douglas
Byline: DOUGLAS McLEOD PROVIDENCE, R.I.-Bank of America Corp. has filed bad-faith charges against its own Vermont-based captive insurer and units of Chubb Corp. for their alleged refusal to cover more than $24 million of the bank's $460.5 million settlement of securities litigation with WorldCom Inc.
investors. In a suit filed late last month in U.S. District Court in Providence, R.I., Bank of America charges that its captive and Chubb have wrongly failed to pay a portion of the March settlement that was attributable to securities units of FleetBoston Financial Corp., which Bank of America acquired last year. Chubb units acted as claims administrators for FleetBoston's captive-now a Bank of America subsidiary known as Bulfinch Indemnity Co. Ltd.-and also...
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