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HOWARD, WEIL, LABOUISSE, FRIEDRICHS, INC. v. INS. CO.

No. 75-2003.

557 F.2d 1055 (1977)

HOWARD, WEIL, LABOUISSE, FRIEDRICHS, INC., Plaintiff-Appellee Cross Appellant, v. INSURANCE COMPANY OF NORTH AMERICA, Defendant-Appellant Cross Appellee.

United States Court of Appeals, Fifth Circuit.

August 15, 1977.

Attorney(s) appearing for the Case

Eugene R. Preaus, Rutledge C. Clement, Jr., New Orleans, La., for plaintiff-appellee cross appellant.

Earl S. Eichin, Jr., Chas, Kohlmeyer, Jr., New Orleans, La., for defendant-appellant cross appellee.

Before COLEMAN, CLARK and TJOFLAT, Circuit Judges.

TJOFLAT, Circuit Judge:

Howard, Weil, Labouisse, Friedrichs, Inc. (Howard), a broker of securities and commodities, brought this diversity action against the Insurance Company of North America (INA) to recover on a brokers' blanket bond. Howard had absorbed $154,405 in trading losses which had occurred when one of its employees, using his position as a broker, speculated to the point of insolvency in the commodities market. Howard sought indemnification for the losses...

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