NY Court Upends MF Global Win Over $141M Loss Coverage

Law360, New York (July 16, 2013, 6:43 PM ET) -- A New York state appeals court on Tuesday reversed MF Global Inc.'s victory over an American International Group Inc. subsidiary that had refused coverage for a $141 million futures trading loss, faulting a lower court for failing to investigate the trader responsible.

Saying a trial court acted too quickly in ruling that the loss was covered, a unanimous panel remanded the case to determine if imprisoned commodities trader Evan Dooley qualified as an MF Global employee under fidelity bonds issued by New Hampshire Insurance Co. and...
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