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BANKMANAGERS CORP. v. FEDERAL INS. CO.

Nos. 12-3202, 13-1506.

712 F.3d 1163 (2013)

BANKMANAGERS CORPORATION and Park Bank, Plaintiffs-Appellants, v. FEDERAL INSURANCE COMPANY, Defendant-Appellee.

United States Court of Appeals, Seventh Circuit.

Decided April 5, 2013.

Attorney(s) appearing for the Case

Michael T. Hopkins (argued), Attorney, Hopkins McCarthy, Milwaukee, WI, for Plaintiffs-Appellants.

David J. Hanus (argued), Attorney, Hinshaw & Culbertson, Milwaukee, WI, Stephen R. Swofford , Attorney, Hinshaw & Culbertson, Chicago, IL, for Defendant-Appellee.

Peter J. Plaushines , Attorney, Cramer, Multhauf & Hammes LLP, Waukesha, WI, Ralph A. Weber , Attorney, Gass Weber Mullins LLC, Milwaukee, WI, for Defendant.

Before EASTERBROOK, Chief Judge, and ROVNER and WILLIAMS, Circuit Judges.

EASTERBROOK, Chief Judge.

From 1997 through 2009 Sujata Sachdeva, the vice president for accounting at Koss Corporation, instructed Park Bank, where Koss had an account, to prepare more than 570 cashier's checks. The checks were payable to Sachdeva's creditors and used to satisfy her personal debts. She embezzled about $17.4 million this way, pleaded guilty to several federal crimes, and was sentenced to 11 years' imprisonment. The SEC sued Sachdeva and an accomplice...

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