The United States District Court for the Southern District of New York ruled that United States Fidelity & Guaranty Co. (USF&G) had no obligation to indemnify its insured, Ashley Reed, for a judgment of $30 million stemming from its sale and distribution of counterfeit Fendi products. United States Fid. & Guar. Co. v. Ashley Reed Trading, Inc., No. 11 Civ. 4782, 2014 U.S. Dist. LEXIS 116280 (S.D.N.Y. Aug. 20, 2014).
The coverage dispute arose out of the following circumstances. USF&G issued three CGL policies …Continue Reading