BDO Seidman Denied Coverage For $55M In Punitive Damages

Law360, Los Angeles (August 3, 2012, 9:33 PM EDT) -- A New York state judge has ruled that Lloyd’s of London and other insurers don’t have to pay a Florida jury’s $55 million punitive damages award against professional services company BDO Seidman LLP, saying public policy bars insuring against such awards.

“The New York Court of Appeals has stated that to allow indemnification of such damages would defeat the purposes of punitive damages, which is ‘solely to punish the offender and deter similar conduct of others,’” Judge O. Peter Sherwood wrote in his decision July 27....
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