The United States Court of Appeals for the First Circuit, applying Massachusetts law, has held that an SEC investigation of the insured company constituted a claim “first made” when the SEC’s formal order of investigation issued.  Jalbert v. Zurich Servs. Corp., No. 18-2244, 2020 WL 1322787 (1st Cir. March 20, 2020).  As a result, two excess insurers whose policies incepted after the formal order entered did not owe coverage.  Wiley represented one of the prevailing carriers.

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