Walters
Walters v. California Insurance Guarantee Ass'n
Opinion
Lead Opinion
Turner, J.
I. Introduction
Plaintiffs, Walter A. Walters, Janmarie Walters, Ernest C. Filice and Pauline Filice appeal a summary judgment entered against them in favor of defendant, California Insurance Guarantee Association (CIGA). We affirm.
II. Procedural History
In September 1982, plaintiffs along with Heritage Home Loans and other corporate entities filed a complaint in the Superior Court of Orange County (hereinafter the underlying action) against Heritage Bank and two of its officers, Douglas E. Patty and Herbert Slezinger (Slezinger). The complaint sought damages against defendants on a number of theories including fraud, conversion and emotional distress for alleged misconduct in handling plaintiffs’ bank accounts. The action against the bank and the employees was resolved by a stipulated judgment in favor of plaintiffs for $1.8 million. The judgment was entered on September 17, 1987, and states that CIGA through its attorney, Robert Walker, “did not specifically accept or adopt the settlement . . . .”
During the period of time in which plaintiffs were injured, the bank and its officers and directors were insured under a comprehensive general liability policy which…