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Progressive Casualty Insurance loses coverage dispute

This week the Sixth Circuit Court of Appeals upheld a lower court decision granting insurance benefits to three banks who suffered an embezzlement claim in excess of one million dollars.  Over the dissent of Republican appointee Richard Suhrheinrich, the majority agreed with virtually the entire decision of the lower court in First Defiance Financial Corporation, et al., v. Progressive Casualty Insurance Company, that the banks had purchased coverage for this very loss.
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