A Bear Of An Insurance Issue For JP Morgan

Law360, New York (January 30, 2012, 1:58 PM EST) -- Settlements with the U.S. Securities and Exchange Commission (SEC) often take the form of a complaint filed contemporaneously with a settlement agreement and administrative order. The settlement will often include both SEC findings and a boilerplate disclaimer that the defendant is settling “without admitting or denying the findings.”

In JP Morgan Securities Inc. v. Vigilant Insurance Co., 2011 NY Slip Op 08995 (1st Dep’t Dec. 13, 2011), the Appellate Division, First Department, held that JP Morgan could not require its insurers to pay any of a...
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