6247 Atlas Corp. v. Marine Insurance Co.
United States District Court for the Southern District of New York
155 F.R.D. 454 (1994)
- Written by Mary Phelan D'Isa, JD
Facts
Atlas (plaintiff), a dealer in precious stones, metals, and jewelry claimed that more than $6 million in valuables were stolen from it in June 1991. According to Atlas, more than $4 million of the losses consisted of valuables cosigned by more than 50 of its memoholders. Atlas sued to recover more than $3 million on its $3.1 million insurance policy with Marine Insurance Co. and other insurers (insurance companies) (defendants). The insurance companies denied liability, claimed fraud, and sought to interplead the memoholders under Federal Rule of Civil Procedure 22 via counterclaims because it feared multiple future lawsuits by the memoholders in excess of policy limits.
Rule of Law
Issue
Holding and Reasoning (Sweet, J.)
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