On November 23, 2021, the New York Court of Appeals held that an expenditure firm’s $140 million disgorgement payment to the Securities and Trade Commission (SEC) was not an excluded “penalty imposed by law” underneath the firm’s insurance policies since it served compensatory functions and represented an estimate of the firm’s clients’ wrongfully acquired income (as distinctive from a penalty payment that “was not derived from any estimate of damage or acquire flowing from the inappropriate trading…
By: Akin Gump Strauss Hauer & Feld LLP
More Stories
Consequences of Getting Pulled Above Without having Insurance
Insurance policy Claims for Florida Householders and Condominium Associations
Finest Car Incident Lawyer in Brooklyn