Associated Community Bancorp, Inc. v. St. Paul Mercury Insurance

Order, Supreme Court, New York County (Melvin L. Schweitzer, J.), entered January 11, 2013, which granted defendant’s motion to dismiss the complaint, unanimously affirmed, with costs.

The motion court correctly found that the underlying claims against plaintiffs brought by investors following the revelation of the Ponzi scheme of Bernard L. Madoff are subject to certain exclusions from coverage under the “Bankers Professional Liability Insuring Agreements” issued to plaintiffs by defendant.

The loss of money exclusion bars coverage for claims for “the actual loss of money, securities, property…