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182653P.pdf 12/07/2020 Federal Insurance Company v. Axos Clearing LLC
U.S. Court of Appeals Case No: 18-2653
U.S. District Court for the District of Nebraska - Omaha
[PUBLISHED] [Loken, Author, with Shepherd and Erickson, Circuit Judges]
Civil case - Bonds. The district court properly interpreted New Jersey law
when it concluded that Axos's predecessor's payments to settle third-party
claims based on an employee's dishonest acts directed at the third parties
were not a direct loss under the Insuring Clause of the Financial
Institution Bond at issue; nor did the district court err in dismissing
Axos's counterclaim under a separate clause as Axos failed to show that
admissible evidence would be available at trial to prove the employee
personally committed a covered dishonest act.