JPMorgan Can't Ask Insurers For $214M, Atty Argues

Law360, New York (April 6, 2011, 7:49 PM EDT) -- An attorney for a group of insurers told a New York appeals court Wednesday that a lower court's decision allowing JPMorgan Chase & Co. to seek $214 million in insurance coverage for an alleged market-timing scheme was an "unprecedented carve-out" of state law.

New York law barred JPMorgan from asking its insurers to reimburse the bank for some $214 million it paid to settle market-timing allegations against Bear Stearns because its actions were illegal, Joseph G. Finnerty III of DLA Piper, which represents insurers Vigilant Insurance...
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