Federal Deposit Insurance v. BancInsure, Inc.

ORDER RE CROSS-MOTIONS FOR SUMMARY JUDGMENT [DOC. ## 27, 28]

This matter is before the Court on the parties’ cross-motions for summary judgment. The hearing took place on June 13, 2014. [Doc. ##27, 28]. The Court has duly considered the arguments and evidence presented in support of and in opposition to the Motions, including arguments made at the hearing. For the reasons discussed below, Plaintiff FDIC’s Motion is GRANTED and Defendant Bancln-sure’s Motion is DENIED.

I.

FACTUAL BACKGROUND

A. Evidentiary Objections

The parties raise voluminous evidentiary objections to exhibits filed by the opposing party. [Doc. ##43-2, 42-2, 48-1, 49-1, 49-2, 49-3, 50, 51.] The Court addresses the objections as necessary below. The Court does not address objections pertaining to facts it deems immaterial to the resolution of the Motions.

B. Material Undisputed Facts

In January 2007, Banclnsure issued a Directors’ and Officers’ Liability Insurance Policy Including Company Reimbursement, No. 04D000378-2 (the “Policy”) to Security Pacific Bank, under which the Bank’s Directors and Officers (“D & Os”) qualified as “Insured Persons.” (Plaintiffs Statement of Uncontroverted Facts (“PSUF”) ¶ 1…