NY High Court Sides With JP Morgan In $140M Insurance Suit

By Shawn Rice (November 23, 2021, 8:10 PM EST) -- A majority of New York's highest court said Tuesday that a $140 million settlement payment by J.P. Morgan Securities Inc.'s predecessor to the U.S. Securities and Exchange Commission wasn't an uninsurable penalty, reversing a state appellate court's ruling in a decadeslong insurance case.

New York's highest court Tuesday agreed that a 140 million settlement payment by J.P. Morgan Securities Inc.'s predecessor to the U.S. Securities and Exchange Commission wasn't an uninsurable penalty. (AP Photo/Seth Wenig) In a 6-1 ruling, the majority backed J.P. Morgan's position that the settlement over the SEC's accusations of unlawful market timing transactions and late trades was...

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