Ga. Bank Not Covered For Ponzi Clawback Suit: 11th Circ.
By Joe Van Acker ( August 18, 2015, 3:52 PM EDT) -- The Eleventh Circuit affirmed Tuesday that Federal Insurance Co. wasn't obligated to defend a Georgia bank against clawback claims by the trustee for a bankrupt payroll processor that operated a Ponzi-like scheme, finding that money the bank spent to cover now-defunct Payroll America Inc.'s shortfalls wasn't technically a loan....
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