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FEDERAL INSURANCE COMPANY v. TYCO INTERNATIONAL LTD.

57 A.D.3d 335 (2008)

871 N.Y.S.2d 9

FEDERAL INSURANCE COMPANY, Interpleader Plaintiff, v. TYCO INTERNATIONAL LTD., Interpleader Appellant, and FRANK E. WALSH, JR., Interpleader Respondent, et al., Interpleader Defendants.

Appellate Division of the Supreme Court of New York, First Department.

December 18, 2008.

Outside director Walsh's violation of the Martin Act did not bar his recovery of defense costs under the Federal Insurance directors and officers liability insurance obtained by Tyco. Strictly construing the policy exclusions (see Belt Painting Corp. v TIG Ins. Co., 100 N.Y.2d 377, 383 [2003]) and according meaning to each of their terms (see Beal Sav. Bank v Sommer, 8 N.Y.3d 318, 324 [2007...

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