Bankwest v. Fidelity and Deposit Co. of Maryland
United States Court of Appeals for the Tenth Circuit
63 F.3d 974 (1995)
- Written by Rich Walter, JD
Facts
Bankwest (plaintiff) took a fourth mortgage on a house in exchange for extending a new line of credit to the homeowners. Bankwest assured the homeowners that Bankwest would do nothing to interfere with their existing mortgage-secured lines of credit at other banks. Nevertheless, Bankwest wrote to those banks, and without any basis for saying so, informed the banks that they were estopped from extending further credit to the homeowners. The homeowners sued Bankwest for pecuniary losses attributable to Bankwest’s tortious interference in their contractual relationships with the other banks. Although Fidelity and Deposit Company of Maryland (Fidelity) (defendant) insured Bankwest against claims arising from libel, slander, defamation, or disparagement, Fidelity refused to defend Bankwest against the homeowners’ lawsuit. Bankwest settled the homeowners’ case and then sued Fidelity to recoup its settlement costs. A federal district court entered summary judgment for Fidelity, ruling that because nothing Bankwest wrote disparaged the homeowners, Fidelity had no duty to defend. Bankwest appealed to the Tenth Circuit.
Rule of Law
Issue
Holding and Reasoning (Henry, J.)
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