Insurer Reinforces Motion To Dismiss Coverage Suit Over $5.9M Fraudulent Transfer

Mealey's (October 23, 2019, 11:58 AM EDT) -- NEW YORK — In a reply brief filed Oct. 18, an insurer reinforces its motion to dismiss a financial services company insured’s breach of contract and bad faith lawsuit seeking indemnity for an underlying settlement arising from alleged “spoof emails” that resulted in a $5.9 million fraudulent wire transfer, contending that there “is no question that the loss at issue ‘arose out of’ dishonest, fraudulent and/or criminal conduct” that is excluded from coverage (SS&C Technology Holdings, Inc. v. AIG Specialty Insurance Company, No. 19-07859, S.D. N.Y.)....