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JPMORGAN CHASE v. TRAVELERS

2156, 2157

73 A.D.3d 9 (2010)

897 N.Y.S.2d 405

JPMORGAN CHASE & CO. et al., Respondents, v. THE TRAVELERS INDEMNITY COMPANY et al., Defendants, and TWIN CITY FIRE INSURANCE COMPANY, Appellant.

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

Decided March 18, 2010.

Attorney(s) appearing for the Case

Arkin Kaplan Rice LLP, New York City ( Howard J. Kaplan , Lisa C. Solbakken , Michael J. McLaughlin and Elizabeth A. Fitzwater of counsel), for appellant.

Proskauer Rose LLP, New York City ( John H. Gross , Steven E. Obus , Francis D. Landrey and Michelle R. Migdon of counsel), for respondents.

Concur—GONZALEZ, P.J., SAXE, MOSKOWITZ and ROMÁN, JJ.

OPINION OF THE COURT

ABDUS-SALAAM, J.

In this declaratory judgment and breach of contract action, plaintiffs JPMorgan Chase & Co., JPMorgan Chase Bank and J.P. Morgan Securities, Inc. (collectively JPMC) seek a declaration that defendant Twin City Fire Insurance Company (Twin City) is obligated to indemnify them in the amount of the limits of their coverage ($22.5 million) for losses incurred in connection with the defense and settlement of a series...

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