Del-Val Financial Corp. v. Federal Insurance

Order of the Supreme Court, New York County (Carol E. Huff, J.), entered on September 10, 1992, which granted plaintiffs’ motion for a stay pending final disposition of the related New Jersey matter, is unanimously reversed on the law, the facts and in the exercise of discretion and the motion denied, with costs and disbursements.

Plaintiff Del-Val Financial Corporation, a publicly traded real estate investment trust, and its manager, plaintiff Kenbee Management, purchased insurance from defendant Federal Insurance Company. Among the protection acquired was a directors’ and officers’ liability…