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U.S. Bank National Association v. Federal Insurance Company; Old Republic Insurance Company; National

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Submitted: May 11, 2011

Before MELLOY and SMITH, Circuit Judges, and GRITZNER,*fn1 District Judge.

U.S. Bank National Association, as trustee for a creditors’ trust (the “Trust”), holds a $56 million stipulated judgment against Paul Yarrick, a former officer of Interstate Bakeries, Inc. (“Interstate”). Interstate has emerged from a voluntary Chapter 11 bankruptcy reorganization. In the bankruptcy proceedings, the Trust obtained the right to bring the action that later resulted in the judgment against Yarrick. The Trust received this right in exchange for certain concessions, including an agreement to execute only against potentially liable insurers. After the Trust obtained the judgment against Yarrick, the Trust brought the present action against the above-named insurance company defendants in an attempt to collect against several director and officer policies that named Yarrick as an insured. The district court*fn2 granted summary judgment in favor of the insurers, finding no coverage. We affirm.

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