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FEDERAL INS. CO. v. FIFTH THIRD BANK

No. 87-4132.

867 F.2d 330 (1989)

FEDERAL INSURANCE COMPANY, Plaintiff-Appellant, v. The FIFTH THIRD BANK, Defendant-Appellee.

United States Court of Appeals, Sixth Circuit.

Decided February 13, 1989.

Attorney(s) appearing for the Case

John J. Petro (argued), J. Paul McNamara, McNamara & McNamara, Dennis D. Liston, Columbus, Ohio, for plaintiff-appellant.

Sylvan Reisenfeld (argued), Reisenfeld & Associates, Cincinnati, Ohio, for defendant-appellee.

Before MERRITT and GUY, Circuit Judges, and EDWARDS, Senior Circuit Judge.

RALPH B. GUY, Jr., Circuit Judge.

Federal Insurance Company (Federal) brought this diversity action against the Fifth Third Bank (Bank) seeking a judgment in the amount of $766,815.45. Federal, as surety on a bond for Becker Electric Company (Becker), alleged that the Bank wrongfully offset two Becker deposits which were the proceeds of progress payments made to Becker involving a contract with the State of Ohio on which...

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