NY Ruling Undercuts SEC Disgorgement Coverage
By Jeff Sistrunk ( September 26, 2018, 8:03 PM EDT) -- A New York appeals court dealt some policyholders a blow last week when it applied the U.S. Supreme Court's Kokesh decision to declare that a $140 million chunk of Bear Stearns' settlement with the U.S. Securities and Exchange Commission is a penalty and therefore not covered by insurance, a ruling that throws into doubt the availability of coverage for SEC-ordered disgorgement payments....
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