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Three Oregon pension funds are suing their insurers and brokers for nearly $4 million, charging they were misled for years to buy employee crime insurance that the carriers wouldn’t honor when a major claim arose.
The suit–which alleges fraud, bad faith, breach of contract, misrepresentation, negligence and deceptive contract change by the carriers and brokers–could have a major effect on the pension fund criminal bond market, according to Mike Farnell, a Portland, Ore. attorney representing the funds.

Named as defendants are: Travelers Casualty and Surety Company of America, Fidelity and Deposit Company of Maryland,; Hartford Fire Insurance Company, Marsh Advantage America and Willis of Oregon Inc.

Badfaithinsurance.org provides more details.

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