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UNIVERSAL MORTG. CORP. v. WURTTEMBERGISCHE VERSICHERUNG

No. 10-3015.

651 F.3d 759 (2011)

UNIVERSAL MORTGAGE CORPORATION, Plaintiff-Appellant, v. WÜRTTEMBERGISCHE VERSICHERUNG AG, Defendant-Appellee.

United States Court of Appeals, Seventh Circuit.

Decided July 11, 2011.

Rehearing Denied July 29, 2011.

Attorney(s) appearing for the Case

Mary Cannon Beed (argued), Attorney, Arnstein & Lehr LLP, Chicago, IL, for Plaintiff-Appellant.

Don R. Sampen (argued), Attorney, Clausen Miller, Chicago, IL, for Defendant-Appellee.

Before POSNER, FLAUM, and SYKES, Circuit Judges.

SYKES, Circuit Judge.

Württembergische Versicherung AG ("Württ") is one of several investors (the "Underwriters") in a mortgage bankers blanket bond issued to Universal Mortgage Corporation. As relevant to this case, the bond insures Universal against financial loss resulting from employee misconduct. One of Universal's employees engaged in a scheme by which, for a kickback, he caused Universal to fund mortgages below its standards. Not knowing the loans...

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