Insurers Make Last-Ditch Kokesh Play In Bear Stearns Fight

By Stewart Bishop (June 6, 2017, 10:02 PM EDT) -- Insurers looking to get out of funding the nearly $300 million that Bear Stearns paid in market-timing and late-trading settlement costs said Tuesday they had found a new weapon in their nearly decadelong fight, citing the U.S. Supreme Court's decision Monday that disgorgement is a penalty.

In  April, New York Supreme Court Judge Charles Ramos had rejected all defenses by Travelers Indemnity Co., Liberty Mutual and other insurers against demands by JPMorgan Chase & Co., which acquired Bear in 2008, that they cover most of the $160 million disgorgement portion of a deal that Bear Stearns inked with the SEC. But on...

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