J.P. Morgan Securities Inc. v. Vigilant Insurance
Appellate Division of the Supreme Court of the State of New York
1Opinion of the Court
OPINION OF THE COURT
Andrias, J.
The disgorgement payment to the Securities and Exchange Commission (SEC) in settlement of charges that plaintiffs’ predecessors wilfully facilitated illegal mutual fund trading practices does not constitute an insurable loss under the primary professional liability policy issued by defendant Vigilant Insurance Company or the “follow the form” excess policies issued by the other insurer defendants. Accordingly, we reverse and grant defendants’ motions to dismiss the complaint.
In 2006, the SEC notified Bear Stearns & Co., Inc., an introducing broker, and Bear…
2Cases cited8 opinions
- Securities and Exchange Commission v. First Jersey Securities, Inc. And Robert E. BrennanCourt of Appeals for the First Circuit · 1996
- Securities & Exchange Commission v. FickenCourt of Appeals for the First Circuit · 2008
- Securities and Exchange Commission v. Jt Wallenbrock & Associates Citadel Capital Management Group, Inc., and Larry Toshio Osaki Van Y. IchinotsuboCourt of Appeals for the Ninth Circuit · 2006
- Reliance Group Holdings, Inc. v. National Union Fire InsuranceAppellate Division of the Supreme Court of the State of New York · 1993
- Securities & Exchange Commission v. Bear, Stearns & Co.District Court, S.D. New York · 2009
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3Cited by11 opinions
- J.P. Morgan Securities Inc. v. Vigilant InsuranceNew York Court of Appeals · 2013
- J.P. Morgan Securities Inc. v. Vigilant InsuranceAppellate Division of the Supreme Court of the State of New York · 2015
- Silverman Neu, LLP v. Admiral InsuranceDistrict Court, E.D. New York · 2013
- J.P. Morgan Securities Inc. v. Vigilant Insurance Co.New York Supreme Court · 2017
- J.P. Morgan Securities Inc. v. Vigilant Insurance Co.New York Supreme Court · 2016
6 more not listed; retrieve them via the Exa API.