Law360 (September 26, 2018, 8:03 PM EDT) -- A New York appeals court dealt some policyholders a blow last week when it applied the U.S. Supreme Court's Kokesh decision to declare that a $140 million chunk of Bear Stearns' settlement with the U.S. Securities and Exchange Commission is a penalty and therefore not covered by insurance, a ruling that throws into doubt the availability of coverage for SEC-ordered disgorgement payments.
In a unanimous opinion, a panel of the state Appellate Division's First Department upended Judge Charles Ramos' judgment directing several insurers to cover a $140 million payment that Bear Stearns Cos. Inc. made to the SEC as part of...
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