The High Court’s ruling upholding the Affordable Care Act has surprised many. The response to the ruling has been mixed thus far and although some view it as much needed clarity on the issue, others have been quick to denounce its effect and will wait to take any action until after the upcoming elections. The Court’s ruling lifted the fears of the health insurance industry as it avoided the worst case scenario—fear that the individual mandate would be stricken down while the remaining provisions upheld …
Continue ReadingAuthor: Sarah J. Delaney
Excess Insurers Avoid Covering JP Morgan for Ponzi Losses
JP Morgan Chase & Co. v Indian Harbor Ins. Co.
(N.Y. App. Div. 1st Dep’t June 12, 2012)
On June 12, 2012 the Appellate Division of the New York Supreme Court, First Department, ruled that a settlement involving two insurers in JP Morgan Chase & Co.’s “tower” insurance coverage blocked recoveries for a Swiss Reinsurance Co. Ltd. affiliate and four other insurers for claims arising from a $2.3 billion securities fraud and Ponzi scheme. Specifically, two $17 million settlements with other insurers in the tower …
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