Law360, New York (February 5, 2010, 1:47 PM EST) -- No word strikes fear in the heart on an insured like “rescission.” For an insurer, it is the ultimate weapon. For the insured whose coverage vanishes, it is the kiss of death. Given the stakes involved, where a rescission claim may exist, insureds and insurers must tread carefully, as vividly demonstrated in two recent cases involving well-known law firms.
The Milberg Decision
The first decision, by Judge Loretta Preska in the Southern District of New York, involved the insurance coverage for Milberg LLP and four of...
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