Retention of Profits May Impact Insurance Coverage for Disgorgement Payments to the SEC
Date: 06/13/13
In an opinion by Judge Graffeo, the New York State Court of Appeals unanimously reversed the dismissal of an insured’s coverage claims relating to monetary payments made by Bear Stearns & Co. Inc. (“Bear Stearns”) to the United States Securities and Exchange Commission (“SEC”) in connection with the settlement of claimed violations of the federal securities laws.
CGR Memo - Retention of Profits May Impact Insurance Coverage for Disgorgement Payments to the SEC.pdf (pdf | 96.07 KB )