MTB Bank-in-Liquidation v. Lloyd's Underwriters of Directors

Appellate Division of the Supreme Court of New York

MTB Bank-in-Liquidation v. Lloyd's Underwriters of Directors

7 A.D.3d 276, 776 N.Y.S.2d 789, 2004 N.Y. App. Div. LEXIS 6582

CourtAppellate Division of the Supreme Court of the State of New York

DecidedMay 6, 2004

StatusPublished

Cited by1 cases

This text of 7 A.D.3d 276 (MTB Bank-in-Liquidation v. Lloyd's Underwriters of Directors) is published on Counsel Stack Legal Research, covering Appellate Division of the Supreme Court of the State of New York primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

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MTB Bank-in-Liquidation v. Lloyd's Underwriters of Directors, 7 A.D.3d 276, 776 N.Y.S.2d 789, 2004 N.Y. App. Div. LEXIS 6582 (N.Y. Ct. App. 2004).

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Opinion

Order, Supreme Court, New York County (Marylin G. Diamond, J.), entered July 11, 2003, which, inter alia, granted defendant’s motion for summary judgment and denied plaintiffs motion for partial summary judgment, unanimously affirmed, with costs.

In 1997, an officer of plaintiff became a target of a federal grand jury investigation. The following year, a criminal information charged unnamed officers of plaintiff with participating in a fraudulent scheme. Taking the plain and ordinary meaning of the contract terms (McGrail v Equitable Life Assur. Socy., [277]*277292 NY 419, 424 [1944]) within the four corners of the insurance policy (W.W.W. Assoc. v Giancontieri, 77 NY2d 157, 162 [1990]), the court properly concluded that the formal investigatory proceedings commenced in 1997 and 1998 constituted a “claim” lodged against plaintiff prior to the policy period, and thus were not covered thereunder. Concur—Mazzarelli, J.P., Andrias, Sullivan, Friedman and Marlow, JJ.

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Order, Supreme Court, New York County (Marylin G. Diamond, J.), entered July 11, 2003, which, inter alia, granted defendant’s motion for summary judgment and denied plaintiffs motion for partial summary judgment, unanimously affirmed, with costs.

In 1997, an officer of plaintiff became a target of a federal grand jury investigation. The following year, a criminal information charged unnamed officers of plaintiff with participating in a fraudulent scheme. Taking the plain and ordinary meaning of the contract terms (McGrail v Equitable Life Assur. Socy., [277]*277292 NY 419, 424 [1944]) within the four corners of the insurance policy (W.W.W. Assoc. v Giancontieri, 77 NY2d 157, 162 [1990]), the court properly concluded that the formal investigatory proceedings commenced in 1997 and 1998 constituted a “claim” lodged against plaintiff prior to the policy period, and thus were not covered thereunder. Concur—Mazzarelli, J.P., Andrias, Sullivan, Friedman and Marlow, JJ.

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7 A.D.3d 276, 776 N.Y.S.2d 789, 2004 N.Y. App. Div. LEXIS 6582, Counsel Stack Legal Research, https://law.counselstack.com/opinion/mtb-bank-in-liquidation-v-lloyds-underwriters-of-directors-nyappdiv-2004.

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