Michael L. Calder | Bloomberg Law J.P. Morgan Secs., Inc. v. Vigilant Ins. Co., 2011 N.Y. Slip Op. 08995 (N.Y. App. Div. 1st Dep't Dec. 13, 2011) A New York appellate court dismissed J.P. Morgan Securities, Inc.’s suit against several insurers, holding that Bear Stearns & Company, Inc.’s and Bear Stearns Securities Corp.’s (collectively, Bear Stearns) settlement with the U.S. Securities & Exchange Commission (SEC) did not constitute an insurable loss under a professional liability policy.
Bear Stearns’s Policy
Disgorgement of Ill-Gotten Gains Is Not Insurable
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