• J.P. Morgan Securities Inc. v. Vigilant Ins. Co.

    Publication Date: 2018-09-28
    Practice Area: Insurance Litigation | Securities Litigation
    Industry: Financial Services and Banking | Insurance | Investments and Investment Advisory
    Court: Appellate Division, First Department
    Judge: Justice Richard Andrias
    Attorneys: For plaintiff: For Respondents: Steven E. Obus and Seth Schaffer of counsel, Proskauer Rose LLP, New York
    for defendant: For Vigilant Insurance Company and Federal Insurance Company, appellants: James M. McGuire, Daniel M. Sullivan and Gregory Dubinsky of counsel, Holwell Shuster & Goldberg LLP, New York, Joseph G. Finnerty III, Megan Shea Harwick and Eric S. Connuck of counsel, and DLA Piper LLP (US), New York For Liberty Mutual Insurance Company, appellant: Scott A. Schechter, Andrew E. Oldis and Matthew Mawby of counsel, Kaufman Borgeest & Ryan LLP, New York For The Travelers Indemnity Company, appellant: David F. Abernethy of the bar of the State of New Jersey and the State of Pennsylvania, admitted pro hac vice, of counsel, Drinker Biddle & Reath LLP, Philadelphia, PA Marsha J. Indych of counsel, and Drinker Biddle & Reath LLP, New York For National Union Fire Inssurance Company of Pittsburgh, PA, appellant: Kevin J. Windels, Luke D. Lynch and Liza A. Chafiian of counsel, D'Amato & Lynch, LLP, New York For Certain Underwritters at Lloyd's, London, appellant: Edward J. Kirk, Gabriela Richeimer and Matthew Prutting of counsel, Clyde & Co. US LLP, New York For American Alternative Insurance Corporation, appellant: William Ballaine of counsel, Landman Corsi Ballaine & Ford P.C., New York

    Case Number: 600979/09

    Under 'Kokesh' SEC Disgorgement Is Penalty, Not 'Loss'; Banks Not Entitled to Coverage