Bannon Obtains Summary Judgment in Real Estate Professional Liability Coverage Case
Insurance coverage litigation attorney, Christopher Bannon, recently obtained summary judgment on behalf of the firm’s client, a professional liability insurer, in an insurance coverage case filed against the insurer in Minnesota state court.
A real estate broker contended that its professional liability policy provided coverage for a lawsuit that several purchasers filed against the broker seeking the return of deposits. The purchasers asserted claims against the broker for violations of securities laws and a Minnesota statute regarding escrow funds for real estate purchases. In the broker’s suit against the insurer for coverage of the purchasers’ suit, the court granted summary judgment in favor of our client, the insurer. The court found that the policy did not cover loss that resulted from securities laws violations or the broker’s alleged unauthorized acts that deprived the owners of the use of their funds.
Chris can be reached at email@example.com