Judge Loretta A. Preska
Decided: September 29, 2009

Plaintiff insurers instituted this action against Milberg LLP (the “firm” or “Milberg”) and certain of its former partners (the “Individual Defendants”) seeking rescission of the firm’s liability insurance and other equitable and declaratory relief. Defendants now move to dismiss on the ground that the insurers have failed to comply with the applicable statute of limitations. For the reasons below, the motion is granted in part and denied in part.

I. THE PARTIES

Plaintiffs are underwriters of professional liability insurance (“the London Insurers”) organized under the laws of England and Wales and having their principal places of business in London.1 Intervenor Plaintiff is the Illinois Union Insurance Company (“Illinois Union”), incorporated under Illinois law and having its principal place of business in Chicago.