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INSURANCE CO. OF NORTH AMERICA v. GIBRALCO, INC.

No. 86-6078.

847 F.2d 530 (1988)

INSURANCE COMPANY OF NORTH AMERICA, Plaintiff-Counter-Defendant-Appellant, v. GIBRALCO, INC., Defendant, and Trustee for the Liquidation of Gibralco, Inc., Defendant-Counter-Claimant-Appellee.

United States Court of Appeals, Ninth Circuit.

Decided May 23, 1988.

Attorney(s) appearing for the Case

William P. Gemmill, Los Angeles, Cal., for plaintiff-counter-defendant-appellant.

Gregory Houle, Los Angeles, Cal., for defendant-counter-claimant-appellee.

Before CANBY and WIGGINS, Circuit Judges, and LOVELL, District Judge.

CANBY, Circuit Judge:

This case involves the interpretation of an exclusionary clause limiting recovery for trading losses under an insurance policy purchased by a municipal bond brokerage firm. Insurance Company of North America ("INA") appeals the district court's judgment awarding $3,313,667.661 to the Trustee for the broker Gibralco, Inc.2 INA contends that the district court misinterpreted the pertinent...

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