Two insurers said they owe no coverage for a fraudulent scheme that caused the failed Silicon Valley Bank to lose $73 million, telling a North Carolina federal court that the bank has not satisfied all requirements under its financial institution bonds' extended forgery coverage provision.
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WEDNESDAY, MAY 6, 2026 Law360 iOS App Law360 Android App Follow Law360 on Facebook Follow Law360 on LinkedIn Follow Law360 on Twitter

TOP NEWS

SVB's $73M Fraud Losses Not Covered, Insurers Say

By Hope Patti

Two insurers said they owe no coverage for a fraudulent scheme that caused the failed Silicon Valley Bank to lose $73 million, telling a North Carolina federal court that the bank has not satisfied all requirements under its financial institution bonds' extended forgery coverage provision.

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NC Law Firm Can Pursue Coverage In $510K Loan Fraud Row

By Danielle Ferguson

A North Carolina federal judge on Tuesday said a professional liability insurer must face claims that it has to defend a law firm against allegations it was responsible for a $510,000 fraudulent home loan, finding documents in the closing package could preserve coverage. 

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Insurer Loses Bid To Recoup $3.4M Coverage For Grill Fire

By Danielle Ferguson

An insurer attempting to recoup more than $3.4 million it paid to homeowners whose house was greatly damaged in a grill fire lacks the proof needed to claim the negligence by the grill-maker caused the fire, a Tennessee federal judge ruled Monday in dismissing the case.

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LITIGATION

Wash. Panel Revives GLP-1 Health Plan Coverage Fight

By Gianna Ferrarin

A Washington state appeals court revived a proposed class action by state employees alleging their benefit plan discriminatorily barred health coverage for GLP-1 medications treating obesity, finding a lower court should have allowed the case to proceed to discovery.

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Court Backs MassMutual's $1.5M Life Policy Termination

By Hope Patti

A Texas federal court ruled that MassMutual did not prematurely terminate a $1.54 million universal life insurance policy after a company failed to pay the minimum amount required to keep the policy active during a grace period.

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Travelers Unit Says No Coverage In Cannabis Explosion Suits

By Mike Curley

A Travelers Property Casualty Corp. unit is suing two of its insureds in California federal court, seeking a declaration that its insurance policies don't cover defense and indemnity of suits over a deadly explosion allegedly caused by an illegal cannabis operation.

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Analysis

ERISA Recap: 5 Litigation Developments From April

By Kellie Mejdrich

The U.S. Supreme Court turned down a bakery company's bid for review of a union multiemployer pension withdrawal bill, the Fourth Circuit held a bonus plan was exempt from federal benefits law, and the Sixth Circuit ruled federal law preempted Arkansas pharmacy benefit manager laws and regulations. Here's more on those and two other major decisions from April that benefits attorneys may want to know.

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Contractor Says Early Exit Is Unsupported In Premium Hike Suit

By Elaine BriseƱo

Hartford Insurance members should not be granted summary judgment in a $1.7 million premium suit, a government contractor has said, arguing in Connecticut federal court the contractor has successfully pled its breach of contract claims.

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LEGAL INDUSTRY

The 2026 Lawyer Satisfaction Survey: Make Your Voice Heard

How is your work-life balance? Are you content with your compensation and opportunities for advancement at work? Take the 2026 Law360 Lawyer Satisfaction Survey and share your thoughts.

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DOJ Atty Faces Possible Discipline Over DHS 'Lack Of Candor'

By Lauren Berg

A Rhode Island federal judge, whom the U.S. Department of Homeland Security criticized for releasing a noncitizen with an alleged overseas warrant for homicide, on Tuesday said she is referring an assistant U.S. attorney for disciplinary proceedings for not disclosing the warrant to her beforehand.

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Audio

Approach The Bench: Justice Bacon On School Accreditation

By Cara Bayles and Steven Trader

State high courts are responsible for regulating the legal profession in their jurisdictions, and so New Mexico Supreme Court Justice C. Shannon Bacon thinks it's only right that justices reevaluate the principles behind law school accreditation.

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Ga. Justices Sanction Asst. DA For AI Errors In Murder Case

By Lauren Berg

The Georgia Supreme Court on Tuesday sanctioned a Clayton County assistant district attorney for filing briefs that contained nonexistent case citations generated by artificial intelligence in a murder defendant's bid for a new trial, saying the prosecutor's misconduct has "sidetracked" the justices from delving into the merits of the appeal.

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Analysis

High Court Clarity On Subpoenas Creates Murky Path For AGs

By Carla Baranauckas

The U.S. Supreme Court's unanimous decision that the New Jersey Attorney General's Office infringed free speech by asking an anti-abortion nonprofit to release donor names gives nonprofits and companies more leverage for challenging subpoenas at the outset, although the question remains if and how attorneys general and other enforcers can ultimately obtain sought-after information following a constitutional affront.

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Brief

FCC Chair Carr Promotes 6 In Key Legal, Policy Roles

By Christopher Cole

The Federal Communications Commission's staff are playing musical chairs, and it means high-level promotions for a half-dozen legal aides of agency chief Brendan Carr.

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SEC Lifts NY Atty's Lifetime Practice Ban

By Katryna Perera

The U.S. Securities and Exchange Commission on Tuesday lifted a lifetime ban preventing a New York attorney from practicing before the agency, following an attempt to leverage a client's testimony before the SEC.

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Promo that reads Law360 Pulse 2026 AI Survey

LAW FIRMS IN TODAY'S NEWS

Baker Donelson

Brock Upham

Clark Hill

Cohen Ziffer

Ellis & Winters

Gordon Rees

HSF Kramer

HWG LLP

Law Office of Melanie Shapiro

Lowenstein Sandler

McAngus Goudelock

McCarter & English

Nossaman LLP

Randolph M. James PC

Robinson & Cole

Shope Krohn

Sills Cummis

Sirianni Youtz

Steel Law Firm PC

Troutman

Weston & McElvain

Young Moore

COMPANIES IN TODAY'S NEWS

American Bar Association

Apple Inc.

Bank of America Corp.

Cardinal Financial Corp.

Central Mutual Insurance Co.

Ferguson Enterprises Inc.

Franklin Resources Inc.

Global Logistic Properties Ltd.

Industrial Electric Inc.

Investors Title Company

Lockheed Martin Corp.

Massachusetts Mutual Life Insurance Co.

McKee Foods Corp.

National Association for the Advancement of Colored People

Ocwen Financial Corp.

Perfection Bakeries Inc.

Quest Diagnostics Inc.

Regence BlueCross BlueShield

SVB Financial Group

Smith & Wesson Brands Inc.

Spotify Technology SA

Stepan Co.

The Hartford Financial Services Group Inc.

The Travelers Cos. Inc.

United Food & Commercial Workers International Union

Wells Fargo & Co.

GOVERNMENT AGENCIES IN TODAY'S NEWS

Federal Bureau of Investigation

Federal Communications Commission

Federal Deposit Insurance Corp.

Georgia Supreme Court

New Jersey Attorney General's Office

New Jersey Supreme Court

North Carolina Department of Justice

U.S. Attorney's Office for the District of Rhode Island

U.S. Court of Appeals for the Fourth Circuit

U.S. Court of Appeals for the Sixth Circuit

U.S. Department of Homeland Security

U.S. Department of Labor

U.S. District Court for the Central District of California

U.S. District Court for the District of Connecticut

U.S. District Court for the District of Maryland

U.S. District Court for the District of Rhode Island

U.S. District Court for the Eastern District of North Carolina

U.S. District Court for the Middle District of Tennessee

U.S. District Court for the Western District of Texas

U.S. Immigration and Customs Enforcement

U.S. Securities and Exchange Commission

U.S. Supreme Court

Washington Attorney General's Office

Washington State Health Care Authority