Zurich Slips $1.7M Morgan Stanley Suit Over SEC Probe Costs

Law360, New York (March 11, 2014, 4:08 PM EDT) -- A New York judge on Tuesday sided with Zurich American Insurance Co. in a suit by a Morgan Stanley unit claiming the insurer wrongly denied around $1.7 million in coverage for a U.S. Securities and Exchange Commission probe, finding Morgan Stanley didn’t give proper notice of its claim.

Following oral arguments in a Manhattan courtroom, New York Supreme Court Judge Jeffrey K. Oing held that Morgan Stanley's policy required the financial services corporation to give Zurich notice before it started incurring costs stemming from its high-priced...
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