N.Y. Appeals Court Denies MF Global’s Motion for Reargument in Fraud Coverage Action
August 14, 2023
NEW YORK — A New York appellate court has refused to revisit its ruling upholding deduction of $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 the company’s excess insurers.
On Aug. 10, the New York Appellate Division, 1st Department, denied MF Global’s motion for reargument or leave to appeal to the New York Court of Appeals.
The action arose from $141 million in financial losses that MF Global incurred as a result of fraudulent commodity futures trading activity by one of its traders, Evan Dooley, …