Belmont Seeks Financial Recovery Through Lawsuit.Business Editors ST. CLAIRSVILLE, Ohio--(BUSINESS WIRE)--April 10, 2000 Belmont Bancorp. today announced that it has filed civil action in the Circuit Court of Ohio County, West Virginia Ohio County is a county located in the northern panhandle of the U.S. state of West Virginia. Formed from the District of West Augusta, Virginia in 1776. It was named for the Ohio River which forms its western boundary. against Progressive Casualty Insurance Company of Ohio and a former bank officer. The bank is seeking payment of a Financial Institution Bond issued by Progressive to Belmont with a face amount of $4.75 million. Progressive has declined to honor the bond claim. The bond provides coverage to the bank for any losses resulting from the dishonest and fraudulent acts committed by an employee acting alone or in collusion with others. In addition to demanding the $4.75 million judgment, Belmont is seeking judgment against Progressive and William Wallace, former Belmont chief operating officer Chief Operating Officer (COO) The officer of a firm responsible for day-to-day management, usually the president or an executive vice-president. , for compensatory damages A sum of money awarded in a civil action by a court to indemnify a person for the particular loss, detriment, or injury suffered as a result of the unlawful conduct of another. of $10 million and punitive damages Monetary compensation awarded to an injured party that goes beyond that which is necessary to compensate the individual for losses and that is intended to punish the wrongdoer. of $15 million for total damages of $25 million. |
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