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FEDERAL INS. CO. I.C. v. BANCO DE PONCE

No. 84-1331.

751 F.2d 38 (1984)

FEDERAL INSURANCE COMPANY I.C. and Aetna Insurance Company, Plaintiffs, Appellants, v. BANCO DE PONCE, Defendant, Appellee.

United States Court of Appeals, First Circuit.

Decided December 20, 1984.

Attorney(s) appearing for the Case

Michael Maillet, New York City, with whom Jerome Murray, Hendler & Murray, New York City, Nelson Biaggi and Ramirez, Segal & Latimer, San Juan, P.R., were on brief, for plaintiffs, appellants.

Francisco Fernandez Carbia, Hato Rey, P.R., with whom Dubon, Dubon & Vazquez, Hato Rey, P.R., was on brief, for defendant, appellee.

Before COFFIN, Circuit Judge, SKELTON, Senior Circuit Judge, and BREYER, Circuit Judge.

BREYER, Circuit Judge.

This diversity case from Puerto Rico arises out of losses caused when a corporation's employee embezzled money by writing unauthorized corporate checks payable to various banks and then sending those checks to the banks to pay the employee's personal credit card bills. Eventually, the employee was found out. This case is one of several in which the corporation's insurers (as its assignees) seek to recover money from a bank to which the employee...

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