John Thomas' Insurer Wants Out Of Covering Fraud Suits

Law360, New York (May 31, 2013, 10:11 PM EDT) -- New York Marine and General Insurance Co. on Friday urged a New York judge to void its broker-dealer liability policy covering John Thomas Financial and ATB Holding LLC in relation to a flurry of fraud suits initiated by the Financial Industry Regulatory Authority and others, arguing that the policy covers only claims related to “professional services.”

New York Marine says its 2012 policy covers only claims against ATB that involve negligence, omission or error stemming from “professional services,” including investment banking or activity related to being...
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