PRIVATE BANK & TRUST v. PROGRESSIVE CAS INS

No. 04-2515.

409 F.3d 814 (2005)

PRIVATE BANK & TRUST COMPANY, Plaintiff-Appellant, v. PROGRESSIVE CASUALTY INSURANCE COMPANY, Defendant-Appellee.

United States Court of Appeals, Seventh Circuit.

Decided May 27, 2005.


Attorney(s) appearing for the Case

Jonah Orlofsky (argued), Chicago, IL, for Plaintiff-Appellant.

Charles F. Morrissey (argued), John K. Silk, Karbal, Cohen, Economou & Dunne, Chicago, IL, for Defendant-Appellee.

Before FLAUM, Chief Judge, and EVANS and SYKES, Circuit Judges.


SYKES, Circuit, Judge.

This is an insurance coverage dispute arising from a fraud that caused a loss to the Private Bank & Trust Company. A man using a false identity, phony corporate documents, and stolen checks opened a corporate account at Private Bank's branch office in Wilmette, Illinois. Two days later, when the funds were cleared for use, he withdrew more than $400,000 from the account by telephone. The fraud was eventually discovered, and the bank filed...

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