Court of Appeals for the Fourth Circuit January 10, 1979, No. 77-2246 (C. Douglas Wilson & Co. v. Insurance Co. of North America)

K. K. HALL, Circuit Judge:

C. Douglas Wilson & Co. (Wilson), a mortgage broker, sustained losses in excess of $1,250,000 as a result of the mishandling of certain HUD/FHA loans by an employee, and filed a declaratory action in district court against its three defendant insurance carriers to fix their respective liabilities.