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 New York Supreme Court Appellate Division, First Department, ruled Tuesday.
The opinion in J.P. Morgan Securities Inc. v. Vigilant Insurance Co., No. 600979/09, was written by Justice Richard T. Andrias, with Justices Peter Tom, David Friedman, Sheila Abdus-Salaam and Nelson S. Romn concurring.
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