Legal Opinion
XL Specialty Insurance v. Loral Space & Communications, Inc.
Appellate Division of the Supreme Court of the State of New York
Decided February 17, 2011PublishedCited by 4 opinions
1Opinion of the Court
OPINION OF THE COURT
Moskowitz, J.
The question this Court needs to resolve is whether plaintiff insurers’ policy covers fees defendant insured must pay to counsel for the plaintiffs in two lawsuits. Our analysis centers primarily around whether these fees constitute (1) a “Loss” and (2) a “Securities Claim” under the policy. According to our interpretation, the motion court was correct to declare that there is coverage for the fees of plaintiffs’ counsel in the derivative lawsuit. However, the motion court was incorrect to the extent it declared that plaintiff insurers must cover fees to…
2Cases cited9 opinions
- Weinberger v. UOP, Inc.Supreme Court of Delaware · 1983
- Emerald Partners v. BerlinSupreme Court of Delaware · 2001
- Tandycrafts, Inc. v. Initio PartnersSupreme Court of Delaware · 1989
- Reliance Group Holdings, Inc. v. National Union Fire InsuranceAppellate Division of the Supreme Court of the State of New York · 1993
- Vigilant Insurance v. Credit Suisse First Boston Corp.Appellate Division of the Supreme Court of the State of New York · 2004
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3Cited by4 opinions
- United States Fidelity & Guaranty Co. v. Fendi Adele S.R.L.Court of Appeals for the Second Circuit · 2016
- Atlantic Mut. Ins. Co. v. Greater N.Y. Mut. Ins. Co.Appellate Division of the Supreme Court of the State of New York · 2024
- In Re Verizon Insurance Coverage AppealsSupreme Court of Delaware · 2019
- United States Fidelity and Guaranty Co. v. Fendi Adele S.R.L.Court of Appeals for the Second Circuit · 2016