5th Circ. Axes Theft Coverage Bid After Texas Court Weighs In

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By Josh Liberatore (February 17, 2022, 4:43 PM EST) — The Fifth Circuit upheld a coverage ruling against a Texas-based dealer of precious metals that was tricked into sending a set of gold coins to a thief, after the Texas Supreme Court affirmed a federal court’s novel interpretation of an obscure policy exclusion for property sent against a fraudulent check.

After soliciting the Texas Supreme Court’s input, a Fifth Circuit panel agreed with a lower court that a precious metals dealer’s $1.2 million loss in gold coins was the direct result of the company having sent the coins against a fraudulent check. (AP Photo/Eric Gay)

In an opinion published Wednesday, a…

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