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IBM POUGHKEEPSIE EMPLOYEES FED. v. CUMIS INS. SOC.

No. 83 Civ. 5353.

590 F.Supp. 769 (1984)

IBM POUGHKEEPSIE EMPLOYEES FEDERAL CREDIT UNION, Plaintiff, v. CUMIS INSURANCE SOCIETY, INC. and Professional Asset Management, Inc., Defendants.

United States District Court, S.D. New York.

July 3, 1984.

Attorney(s) appearing for the Case

Quartararo & Quartararo, Poughkeepsie, N.Y., for plaintiff; Jack M. Quartararo, Poughkeepsie, N.Y., of counsel.

Hart & Hume, New York City, for defendant Cumis Ins. Soc., Inc.; Lewis Stockman, Mark S. Gamell, New York City, of counsel.

OPINION

EDWARD WEINFELD, District Judge.

Plaintiff, a federally chartered credit union located at Poughkeepsie, New York, commenced this action against Cumis Insurance Society ("Cumis"), which had issued to plaintiff a "Credit Union Discovery Bond" ("the policy"), indemnifying plaintiff against certain specified losses. Plaintiff seeks by this action to recover a loss it sustained when Penn Square Bank of Oklahoma City, Oklahoma ("Penn Square"), which had...

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