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CALIFORNIA UNION INS. v. AMERICAN DIVERSIFIED SAV. BANK

No. 89-55843.

948 F.2d 556 (1991)

CALIFORNIA UNION INSURANCE CO., Plaintiff, v. AMERICAN DIVERSIFIED SAVINGS BANK, Defendant, and National Union Fire Insurance Company of Pittsburgh, Pennsylvania; Certain Underwriters at Lloyd's, London, Defendants-Cross-Defendants-Appellees, American Diversified Capitol Corporation; Federal Savings and Loan Insurance Corporation, as Receiver for American Diversified Savings Bank; American Diversified Investment Corporation, Defendants-Cross-Claimants-Appellants.

United States Court of Appeals, Ninth Circuit.

Decided October 30, 1991.

Attorney(s) appearing for the Case

Theodore Russell, Pettit & Martin, San Francisco, Cal., for defendants-cross-claimants-appellants.

Richard W. Zevnik, Wolf & Leo, Raul L. Martinez, Lewis, D'Amato, Brisbois & Bisgaard, Los Angeles, Cal., for defendant-cross-defendant-appellee Nat. Union Fire Ins. Co. of Pittsburgh, Pa.

Frederick D. Baker, Sedgwick, Detert, Moran & Arnold, San Francisco, Cal., for defendant-cross-defendant-appellee Certain Underwriters at Lloyd's, London.

Before HUG, CANBY, and WIGGINS, Circuit Judges.

HUG, Circuit Judge:

This case involves an attempt by the Federal Savings and Loan Insurance Corporation ("FSLIC") to recover under certain fidelity bonds issued to a federally insured thrift, American Diversified Savings Bank ("ADSB"), losses incurred due to the defalcations of two of the principal officers and directors of the failed thrift institution. The district court dismissed the case after granting summary judgment in favor of the insurance companies that...

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