Insurers Look To Skirt $300M Bear Stearns Settlement Tab
Law360, New York (April 12, 2017, 9:29 PM EDT) -- Insurance giants Travelers, Liberty Mutual and others on Wednesday asked a New York appeals court to find they don't have to fund the nearly $300 million Bear Stearns paid for its market timing and late trading settlement costs, saying the investment bank breached the terms of its policies.
A New York state judge in July ruled that now JPMorgan Chase & Co.-owned Bear Stearns did not necessarily trigger an exclusion to its insurance policies by entering into settlements with the U.S. Securities and Exchange Commission and class action litigants in the mid-2000s without its insurers' permission, deals stemming from government allegations...
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