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VIGILANT INS. v. BEAR STEARNS

10 N.Y.3d 170 (2008)

884 N.E.2d 1044

855 N.Y.S.2d 45

VIGILANT INSURANCE COMPANY et al., Appellants, v. THE BEAR STEARNS COMPANIES, INC., Respondent.

Court of Appeals of the State of New York.

Decided March 13, 2008.

Attorney(s) appearing for the Case

DLA Piper US LLP, New York City (Joseph G. Finnerty III, Arthur F. Fergenson and Howard S. Schrader of counsel), and Bondas, Skarzynski, Walsh & Black, LLC (James A. Skarzynski, Evan Shapiro and Eleftherios Stefas of counsel) for appellants.

Proskauer Rose LLP, New York City (John H. Gross, Seth B. Schafler, Francis D. Landrey, Matthew J. Morris and Sarah Reisman of counsel), for respondent.

Jacob H. Stillman, Washington, D.C., and Mark Pennington for Securities and Exchange Commission, amicus curiae.

Judges CIPARICK, READ, SMITH, PIGOTT and JONES concur; Chief Judge KAYE taking no part.

OPINION OF THE COURT

GRAFFEO, J.

In this insurance dispute, we conclude that the insured breached a policy provision obligating it to obtain the consent of its liability carriers before settling claims in excess of $5 million. We therefore reverse the order of the Appellate Division denying the insurers' motion for summary judgment.

Defendant Bear Stearns Companies, Inc., a financial services firm...

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