JPMorgan Insurers' Public Policy Claim Revived In $200M Suit
Law360, Los Angeles (January 15, 2015, 5:54 PM EST) -- A New York appeals court on Thursday affirmed a lower court's ruling that a group of insurers can't invoke a fraud exclusion to avoid responsibility for $200 million that JPMorgan Securities Inc. paid regulators over market-timing trades, but the panel said the insurers can argue that public policy disfavors covering intentionally harmful conduct.
In a unanimous decision, an appellate panel of the Appellate Division's First Department said a state court judge properly concluded that the insurers can't invoke the so-called "dishonest acts exclusion" because JPMorgan's agreements with the U.S. Securities and Exchange Commission and the New York Stock Exchange resulted from...
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