Bear Stearns' Intent Key In Coverage Row At NY High Court

Law360, New York (May 1, 2013, 9:01 PM EDT) -- New York's top court wondered Wednesday if The Bear Stearns Cos. had intended wrongdoing in an alleged market-timing scheme, as the defunct brokerage's successor, JPMorgan Securities Inc., tangled with insurers over whether $160 million in disgorgement from a settlement tied to the allegations was covered.

The question of intent appeared central to the thinking of the New York Court of Appeals as six judges considered in oral arguments whether a mid-level appeals court, the First Department, had erred when it threw out JPMorgan's lawsuit seeking payment...
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