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J.P. MORGAN SEC. INC. v. VIGILANT INS. COM.

No. 113

21 N.Y.3d 324 (2013)

992 N.E.2d 1076

970 N.Y.S.2d 733

2013 NY Slip Op 4272

J.P. MORGAN SECURITIES INC. et al., Appellants, v. VIGILANT INSURANCE COMPANY et al., Respondents.

Court of Appeals of New York.

Decided June 11, 2013.

Attorney(s) appearing for the Case

Proskauer Rose LLP, New York City ( John H. Gross , Steven E. Obus , Seth B. Schaller , Francis D. Landrey and Matthew J Morris of counsel), for appellants.

DLA Piper LLP (US), New York City ( Joseph G. Finnerty III , Megan Shea Harwick , Eric S. Connuck and Miles D. Norton of counsel), Kaufman Borgeest & Ryan LLP ( Scott A. Schechter and Sergio Alves of counsel), D'Amato & Lynch, LLP ( Luke D. Lynch, Jr. , Richard F Russell and Liza A. Chafiian , of counsel), Drinker Biddle & Reath LLP ( Marsha J. Indych , Douglas M. Mangel and David F Abernethy of counsel), Clyde & Co. US LLP ( Edward J Kirk and Allison M. Calkins of counsel), Landman Corsi Ballaine & Ford PC. ( Michael L. Gioia of counsel) and Bates Carey Nicolaides LLP, Chicago, Illinois ( Ommid C. Farashahi , Kristi S. Nolley and R. Patrickk Bedell of counsel), for respondents.

Melito & Adolfsen PC, New York City ( S. Dwight Stephens of counsel), and Wiley Rein LLP, Washington, D.C. ( Daniel J. Standish and Cara Tseng Duffield of counsel), for American Insurance Association, amicus curiae.

Judges READ, SMITH, PIGOTT and RIVERA concur; Chief Judge LIPPMAN and Judge ABDUS-SALAAM taking no part.

OPINION OF THE COURT

GRAFFEO, J.

In this insurance dispute arising from the insured's monetary settlement of a Securities and Exchange Commission (SEC) proceeding and related private litigation predicated on the insured's violations of federal securities laws, we conclude that the insurers are not entitled to a CPLR 3211 dismissal of the insured's coverage claims. We therefore reverse and reinstate the insured...

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