New York High Court Denies Coverage to Bear Stearns for Settlement Entered Into in Violation of Consent to Settle Clause

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The New York Court of Appeals upheld judgment in favor of Bear Stearns’ professional liability insurers, denying coverage for Bear Stearns’ $80 million settlement with regulatory agencies for research analysts’ conflict of interest claims. Vigilant Insurance Company v. The Bear Stearns Companies, Inc., 2008 N.Y. Slip. Op. 2080, 2008 N.Y. LEXIS 542 (March 13, 2008) New York’s highest court held that Bear Stearns breached a consent to settle clause in its primary professional liability policy and upheld the insurers’ denial without requiring a showing of prejudice.

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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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