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FEDERAL INS. CO. v. NCNB NAT. BANK OF N.C.

No. 90-5975.

958 F.2d 1544 (1992)

FEDERAL INSURANCE COMPANY, Plaintiff-Appellant, Cross-Appellee, v. NCNB NATIONAL BANK OF NORTH CAROLINA, Defendant-Appellee, Cross-Appellant, NCNB National Bank of Florida, Defendant-Appellant.

United States Court of Appeals, Eleventh Circuit.

April 24, 1992.

Attorney(s) appearing for the Case

Robert G. Post, Miami, Fla., for Federal Ins. Co.

Frank J. Sinagra, Ronald G. Englert, Ft. Lauderdale, Fla., for NCNB Nat. Bank of North Carolina.

Before COX, Circuit Judge, DYER and FRIEDMAN, Senior Circuit Judges.

FRIEDMAN, Senior Circuit Judge:

This diversity damage suit grew out of a scheme by which a corporate employee embezzled substantial amounts from her employer by obtaining payment of corporate checks that had not been properly signed, and converting the proceeds. After the embezzlement was discovered, and the banks denied liability for the payments, the employer's insurance company paid the losses. The insurance company as...

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