On December 14, 2011, the New York State Appellate Division, First Department dismissed an attempt by Bear Stearns & Co. and Bear Stearns Securities Corporation (together, Bear Stearns) to claim disgorgement payments to the Securities and Exchange Commission (SEC) as an insurable loss.  See generally “Hedge Fund D&O Insurance: Purpose, Structure, Pricing, Covered Claims and Allocation of Premiums Among Funds and Management Entities,” Hedge Fund Law Report, Vol. 4, No. 41 (Nov. 17, 2011).