The Delaware Supreme Court has upheld a trial court’s ruling requiring three insurance companies to cover TIAA-CREF’s $40 million tab for defending and settling class actions that accused the financial services provider of illegally profiting from delays in processing client transactions.

All five justices on Monday sided with TIAA and its McKool Smith attorneys, rejecting an appeal from primary insurer Illinois National Insurance Co. and excess insurers Ace American Insurance Co. and Arch Insurance Co., which had argued settlement payments are uninsurable disgorgements under New York law.

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