IberiaBank Corp. v. Illinois Union Insurance Co., No. 19-30190 (5th Cir. 2020)
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IberiaBank filed suit against the insurers for breach of contract after the insurers denied IberiaBank's claim for coverage in the underlying DOJ Settlement.
The Fifth Circuit affirmed the district court's grant of the insurers' motion to dismiss, holding that the government is not IberiaBank's "client" and did not become IberiaBank's "client" as a result of the Direct Endorsement Program. Therefore, IberiaBank's DOJ Settlement claim was not covered by the policies and the district court properly granted the insurers' motions to dismiss. The court need not consider Travelers' alternative argument.
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