Millennium Partners, L.P. v. Select Insurance

OPINION OF THE COURT

Marcy S. Friedman, J.

In this action for alleged breach of an insurance contract, plaintiff Millennium Partners, L.R, sues its insurer, defendant Select Insurance Company, to recover defense costs that Millennium paid in connection with the settlement of public investigations against it for “market timing” of mutual funds. Millennium incurred defense costs of over $19 million, but seeks reimbursement up to the policy limit of $10 million. Defendant Select moves for summary judgment dismissing Millennium’s complaint.

Millennium is a private investment partnership, commonly…