Settling Insurers’ Payments Properly Deducted From MF Global’s Recovery, N.Y. Appellate Division Rules
April 26, 2023
NEW YORK — A New York trial court properly deducted $117,020,287 paid by settling excess insurers in a coverage dispute involving MF Global Finance USA Inc. from the full loss attributable to all of the company’s excess insurers, a state appellate court has ruled.
In an April 25 opinion, the New York Appellate Division, 1st Department, further affirmed that prejudgment interest owing from two of the excess insurers ran from March 17, 2022, the date the Appellate Division issued its decision holding the underlying insurers liable.
The action arose from $141 million in financial losses that MF Global …