Swiss Re, Others Avoid Covering JPMorgan For Ponzi Losses

Law360, New York (June 12, 2012, 8:23 PM EDT) -- A New York state appeals court ruled Tuesday that a settlement involving two insurers in JPMorgan Chase & Co.'s "tower" insurance coverage blocked recoveries for a Swiss Reinsurance Co. Ltd. affiliate and four other insurers for claims arising from a $2.3 billion securities fraud and Ponzi scheme.

Specifically, two $17 million settlements with other insurers in the tower prevented other insurers' excess coverage from being triggered because the settlements didn't admit liability or properly allocate the settlement amounts, according to a five-judge panel of the Appellate...
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