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153495P.pdf 05/31/2017 3M Company v. National Union Fire Insurance
U.S. Court of Appeals Case No: 15-3495
U.S. District Court for the District of Minnesota - Minneapolis
[PUBLISHED] [Chief Judge Smith, Author, with Loken and Colloton, Circuit
Judges]
Civil Case - diversity. After investment partners fraudulently diverted
3M's employee-benefit plan funds and 3M recovered its capital
contribution, 3M sought coverage for the stolen earnings from its
insurers. District court's holding that coverage under the Employee
Dishonesty provision is limited by the ownership requirement of
Endorsement 8, is affirmed. The term, "other property" necessarily denotes
some form of ownership and the only reasonable construction of the
provision limits coverage to insured property. The partnership interest is
not property of the partners until the earnings are distributed and 3M's
purported interest in the lost earnings are not property of 3M.