Kokesh Defeats JPMorgan's $286M Coverage Award: NY Court

By Jeff Sistrunk (September 20, 2018, 9:11 PM EDT) -- A New York appeals court on Thursday reversed an order requiring a group of insurers to pay J.P. Morgan Securities Inc. $286 million for settlement costs that Bear Stearns shelled out in a deal with the U.S. Securities and Exchange Commission, saying coverage is precluded based on the U.S. Supreme Court's 2017 ruling in Kokesh that disgorgement is a penalty.

A New York appeals court on Thursday flipped JPMorgan's $286 million coverage win for its Bear Stearns settlement costs, finding that the U.S. Supreme Court's Kokesh decision precludes the award. (AP) In a unanimous opinion, a panel of the state Appellate Division's...

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