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XL SPECIALTY v. LORAL SPACE

650529/08, 3023.

82 A.D.3d 108 (2011)

918 N.Y.S.2d 57

XL SPECIALTY INSURANCE CO. et al., Appellants, v. LORAL SPACE & COMMUNICATIONS, INC., Respondent.

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

Decided February 17, 2011.

Attorney(s) appearing for the Case

Boundas, Skarzynski, Walsh & Black, LLC, New York City ( James Sandnes , James A. Skarzynski , Rachel Simon and Chelsea J. Walsh of counsel), for appellants.

Kirkland & Ellis LLP, New York City ( Eric F. Leon , Jay P. Lefkowitz and Maura M. Klugman of counsel) and Trachtenberg Rodes & Friedberg LLP, New York City ( Leonard A. Rodes of counsel), for respondent.

TOM, J.P., and ANDRIAS, J., concur with MOSKOWITZ, J.; CATTERSON and ACOSTA, JJ., dissent in part and concur in part in a separate opinion by CATTERSON, J.

OPINION OF THE COURT

MOSKOWITZ, J.

The question this Court needs to resolve is whether plaintiff insurers' policy covers fees defendant insured must pay to counsel for the plaintiffs in two lawsuits. Our analysis centers primarily around whether these fees constitute (1) a "Loss" and (2) a "Securities Claim" under the policy. According to our interpretation, the motion court was correct to declare that there is coverage for the fees of plaintiffs' counsel...

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