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Zurich Must Cover Ponzi Scheme Suits, Bank Says

Ponzi Scheme

Zurich Must Cover Ponzi Scheme Suits, Bank Says

By Josh Liberatore (April 22, 2022, 2:43 PM EDT) — Pacific Premier Bank told a California federal court that a Zurich unit must cover its defense of several suits alleging that the bank helped keep a Ponzi scheme afloat by offering ill-advised lines of credit, saying a so-called lending acts exclusion doesn’t completely rule out coverage.

In Thursday’s complaint, Pacific Premier said Zurich American Insurance Co. owes it coverage for over $1.6 million and counting in defense fees under a business liability policy. The bank said Zurich can’t rely on the lending acts exclusion to avoid any and all coverage of three suits alleging that Pacific Premier lent millions to American…

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