Red Alert: New York Court of Appeals Grants Summary Judgment Based on Insured's Breach of Consent to Settle Provision of Policy


The New York Court of Appeals has reversed an order of the Appellate Division and has found that no coverage exists for Bear Stearns’ $80 million settlement with regulatory authorities in connection with the research analyst investigations.

This action arose out of the settlement entered into in 2002 by Bear Stearns with securities regulators in connection with the investigation into the practices of research analysts working at financial services firms. The investigation focused on allegations that research analysts employed at ten major financial institutions, including Bear Stearns, were improperly influenced by investment banking concerns.

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Published In: Civil Procedure Updates, Civil Remedies Updates, General Business Updates, Insurance Updates, Securities Updates

DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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