Virtu, Axis End $11M Hacking Coverage Fight

By Josh Liberatore (February 18, 2022, 1:35 PM EST) -- Virtu Financial Inc. formally ended its coverage suit against Axis Insurance Co. over nearly $11 million in losses it suffered in a 2020 hacking incident, a move that comes one month after the parties reached an agreement in principle to settle the matter.

After reaching a settlement, Virtu Financial has dropped its claims that Axis Insurance acted in bad faith and breached its contract when refusing to fully cover a hacking incident. (Michael Nagle/Bloomberg via Getty Images)

The parties on Thursday wrote to U.S. Magistrate Judge Katharine H. Parker, informing the New York federal court that Virtu was voluntarily dismissing, with...

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