Coverage Triggered But Insurer Did Not Act In Bad Faith, Federal Judge Rules

Mealey's (February 4, 2020, 1:29 PM EST) -- NEW YORK — A federal judge in New York on Jan. 31 granted a financial services company insured’s cross-motion for summary judgment as to its breach of contract claim in its lawsuit seeking indemnity for an underlying settlement arising from alleged “spoof emails” that resulted in a $5.9 million fraudulent wire transfer, but ruled in favor of the insurer as to a bad faith claim (SS&C Technology Holdings, Inc. v. AIG Specialty Insurance Company, No. 19-07859, S.D. N.Y., 2020 U.S. Dist. LEXIS 17201)....