Federal Needn't Cover IBM's ERISA Settlement: NY Court

Law360, New York (February 21, 2012, 7:02 PM ET) -- New York's highest court on Tuesday ruled that an excess insurance policy Federal Insurance Co. issued to IBM Corp. didn't cover the settlement of class claims over the company's alleged violations of the Employee Retirement Income Security Act.

In a unanimous decision, the New York Court of Appeals affirmed a lower court's summary judgment and declaration that Federal has no responsibility to indemnify the computer giant, finding that the language in the Federal policy clearly showed that IBM's claim was not covered by an underlying policy,...
To view the full article, take a free trial now.
Try Law360 for free for seven days
Already a subscriber? Click here to login

Already have access?

  1. Forgot your password?
  2. Sign In

Get instant access to the one-stop news source for business lawyers

Required