TOM, J.P., FRIEDMAN, ABDUS-SALAAM and ROMÁN, JJ., concur with ANDRIAS, J.
Appellate Division of the Supreme Court of New York, First Department.
OPINION OF THE COURT
ANDRIAS, J.
The disgorgement payment to the Securities and Exchange Commission (SEC) in settlement of charges that plaintiffs' predecessors wilfully facilitated illegal mutual fund trading practices does not constitute an insurable loss under the primary professional liability policy issued by defendant Vigilant Insurance Company or the "follow the form" excess policies issued by the other insurer defendants. Accordingly, we reverse...
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