Repayment Of Alleged Ill-Gotten Gains Not Covered By E&O Policy: N.Y. Court
Insurers could mark this as a victory that could impact other potential disputes against Wall Street investment banks.
On July 16, a New York state court ruled against Credit Suisse First Boston, stating that the investment banking firm cannot use an errors and omissions policy from Vigilant Insurance Company, a unit of Chubb Corp., to cover its $70 million disgorgement payment in a regulatory settlement.
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