Garcia-Rosales v. Bais Rochel Resort

How courts have described this case

Verbatim parenthetical descriptions written by other courts when citing this decision. Ranked by citation-network relevance.

• noting that New York insurance law generally equates a direct loss with proximate cause, but then later asserting that fidelity policies cover only the insured’s property or funds
• noting that New York insurance law generally equates a direct loss with proximate cause, but then later asserting that fidelity policies cover only the insured’s property or funds
• finding no coverage for third-party claims arising out of misconduct of employee who disclosed confidential information to others that resulted in massive insider trading losses
• “[T]he employee’s dishonesty only caused pricing irregularities in the stock, which, themselves, caused losses to the customers, which then led to litigation concluding in settlement.”
• If an employee’s dishonesty causes losses to a third party, which then leads to litigation concluding in a judgment or settlement, the insured has not incurred a “direct loss” under a fidelity bond; the insured’s loss is “indirect.”

Source: CourtListener parenthetical corpus (CC0).