Faegre Drinker Biddle & Reath LLP, New York City ( Marsha J. Indych of counsel), for Travelers Indemnity Company, respondent.
Selendy & Gay PLLC, New York City ( Caitlin J. Halligan and Shomik Ghosh of counsel), for National Union Fire Insurance Company of Pittsburgh, Pa., respondent.
Covington & Burling LLP, Washington, D.C. ( Mitchell F. Dolin of the District of Columbia bar, admitted pro hac vice, and Dustin Cho of counsel) and New York City ( Jordan S. Joachim of counsel), for Securities Industry and Financial Markets Association, amicus curiae.
Dewey Pegno & Kramarsky LLP, New York City ( Thomas E.L. Dewey and Christopher P. DeNicola of counsel), for James Corcoran and others, amici curiae. Public policy bars coverage where insureds act with substantial certainty that harm will result.
OPINION OF THE COURT
Chief JudgeDIFIORE.
This appeal involves a dispute between the insured securities broker-dealers and certain excess insurers concerning the availability of coverage under a "wrongful act" liability policy for funds the insureds "disgorged" as part of a settlement with the...
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