Federal Needn't Cover IBM's ERISA Settlement: NY Court

Law360, New York (February 21, 2012, 7:02 PM EST) -- New York's highest court on Tuesday ruled that an excess insurance policy Federal Insurance Co. issued to IBM Corp. didn't cover the settlement of class claims over the company's alleged violations of the Employee Retirement Income Security Act.

In a unanimous decision, the New York Court of Appeals affirmed a lower court's summary judgment and declaration that Federal has no responsibility to indemnify the computer giant, finding that the language in the Federal policy clearly showed that IBM's claim was not covered by an underlying policy,...
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