New York Court of Appeals
J.P. Morgan Securities Inc. v. Vigilant Insurance Company
June 11, 201321 N.Y.3d 324
Summary
The New York Court of Appeals reversed the Appellate Division and denied the insurers’ motions to dismiss, reinstating the insured’s coverage claims for the SEC disgorgement payment, defense costs, and private settlement. The court held that the insurers had not met the heavy burden to show, as a matter of law, that public policy or policy exclusions barred coverage.