Brecek & Young Advisors, Inc. v. Lloyds of London Syndicate 2003

MURPHY, Circuit Judge.

I. Introduction

Defendant-Appellant Lloyds of London Syndicate 2003 (“Lloyds”) appeals the district court’s denial of its summary judgment motion and subsequent grant of summary judgment in favor of Plaintiff-Appellee Brecek & Young Advisors, Inc. (“BYA”) in an action arising out of a professional liability insurance contract. The district court concluded Lloyds failed to pay sufficient indemnity to BYA for claims brought against BYA in an arbitration before the National Association of Securities Dealers alleging BYA agents mismanaged and unlawfully “churned” the…