An accounting firm has to reimburse its insurer for trial expenses after one of its senior analysts skimmed millions of dollars from a major class-action settlement he was in charge of administering, the Third Circuit has ruled.
The federal appeals court held that Heffler, Radetich & Saitta, a Philadelphia-based accounting firm that handles the distribution of class action settlements, owed Camico Mutual Insurance Co. for the cost of its defense in a suit brought by a member of a class that settled with Bank of America Corp. for $490 million in 2002.
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