J.P. Morgan Securities Inc.’s insurers will not have to cover any of a $250 million settlement with the Securities and Exchange Commission over alleged deceptive market timing, a unanimous panel of the Appellate Division, First Department, ruled yesterday.

The opinion in J.P. Morgan Securities Inc. v. Vigilant Insurance Co., 600979/09, was written by Justice Richard T. Andrias (See Profile), with Justices Peter Tom (See Profile), David Friedman (See Profile), Sheila Abdus-Salaam (See Profile) and Nelson S. Román (See Profile) concurring.

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