We use cookies on this site to enable your digital experience. By continuing to use this site, you are agreeing to our cookie policy. close

'Disgorgement' Payments May Be Insurable In NY

Law360 (July 10, 2018, 2:34 PM EDT) -- Many states prohibit the insurability of awards against insureds that represent the disgorgement of ill-gotten gains or restitution on public policy grounds.[1]

New York also generally prohibits the insurability of amounts that an insured must pay which represent the disgorgement of ill-gotten gains.[2] But in J.P. Morgan Securities Inc. v. Vigilant Ins. Co.,[3] the New York Court of Appeals (the highest court in the state of New York), held that the insured had stated a viable claim for coverage under its directors and officers liability policy...
To view the full article, register now.
Law360 Pro Say Podcast
Check out Law360's new podcast, Pro Say, which offers a weekly recap of both the biggest stories and hidden gems from the world of law.