Tag Archives: definition of loss

N.Y. Appellate Court: Coverage Precluded for Disgorgement “Penalty”

In the latest development in nearly decade-long legal battle, a New York intermediate appellate court has held in light of the U.S. Supreme Court’s 2017 decision in Kokesh v. SEC that amounts Bear Stearns paid under an SEC disgorgement order represent a “penalty” for which coverage is precluded under the bank’s insurance policy. This ruling, … Continue Reading

In Long-Running Bear Stearns Dispute, N.Y. Court Rejects Insurers’ Remaining Coverage Defenses

In what seems like the culminating trial court clash in the long-running effort of J.P. Morgan, as successor in interest to Bear Stearns, to try to obtain insurance coverage for amounts Bear Stearns paid to settle charges that it had facilitated market timing and late trading, New York (New York County) Supreme Court Judge Charles … Continue Reading
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