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NEW ORLEANS — The Fifth Circuit upheld a finding that a gold coin dealer is not entitled to insurance coverage for $1.2 million in losses incurred when he unintentionally sent the coins to a thief who forged payments for the coins and intercepted shipments of them. A policy exclusion applies to losses incurred due to handing property to a third party against payment by a fraudulent check, the court ruled.
Read the opinion here.
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