JPMorgan's $214M Market-Timing Coverage Suit Shut Down

Law360, New York (December 13, 2011, 9:40 PM EST) -- A New York state appeals court on Tuesday tossed a suit by JPMorgan Chase & Co. seeking $214 million in insurance coverage for an alleged market-timing scheme, ruling that state law bars the bank from asking its insurers to reimburse it.

A five-judge panel of the New York Supreme Court's Appellate Division reversed a lower-court decision allowing the suit to go forward, ruling that JPMorgan couldn't be reimbursed for the money paid to settle market-timing allegations against The Bear Stearns Cos. Inc., which JPMorgan now owns,...
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