By James Westerlind and Christopher Koenig (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.
New York also generally prohibits the insurability of amounts that an insured must pay which represent the disgorgement of ill-gotten gains. But in J.P. Morgan Securities Inc. v. Vigilant Ins. Co., 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 for amounts that the SEC required it to pay as "disgorgement" because, according to the...
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