ALBANY – The state Court of Appeals on Tuesday reinstated J.P. Morgan Securities’ claim that its insurers are bound to pay the bulk of a $250 million settlement with the U.S. Securities and Exchange Commission over allegedly deceptive market-timing practices.
The 5-0 court reversed a finding by the Appellate Division, First Department, that held insurers were not obligated to cover $160 million in disgorgement ordered by the SEC from J.P. Morgan under the 2005 settlement.
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