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JP MORGAN INC v. VIGILANT INS

600979/09.

126 A.D.3d 76 (2015)

2 N.Y.S.3d 415

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

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

Decided January 15, 2015.

Attorney(s) appearing for the Case

DLA Piper LLP, New York City ( Joseph G. Finnerty III , Megan Shea Harwick and Eric S. Connuck of counsel), for Vigilant Insurance Company and another, appellants.

Drinker Biddle & Reath LLP, New York City ( Marsha J. Indych of counsel), for Travelers Indemnity Company, appellant.

D'Amato & Lynch LLP, New York City ( Luke D. Lynch, Jr. , Kevin Windels and Liza Chafiian of counsel), for National Union Fire Insurance Company of Pittsburg, Pa., appellant.

Kaufman Borgeest & Ryan LLP, New York City ( Scott A. Schechter and Sergio Alves of counsel), for Liberty Mutual Insurance Company, appellant.

Clyde & Co. US LLP, New York City ( Edward J. Kirk , Allison M. Calkins and James Mirro of counsel), for Certain Underwriters at Lloyd's London, appellant.

Landman Corsi Ballaine & Ford P.C., New York City ( Michael L. Gioia of counsel), for American Alternative Insurance Corporation, appellant.

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

ACOSTA, SAXE, RICHTER and CLARK, JJ., concur.

OPINION OF THE COURT

In 2000, defendant Vigilant Insurance Company issued a professional liability insurance policy to plaintiff Bear Stearns, and the other defendants issued "follow-the-form" excess policies, which required them to indemnify Bear Stearns for all losses it became "legally obligated to pay as a result of...

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