Federal Insurance Company, Respondent v. International Business MacHines Corporation, Appellants

Summary

The New York Court of Appeals affirmed the Appellate Division’s summary‑judgment ruling that Federal Insurance Company is not obligated to indemnify IBM for attorneys’ fees incurred in a settlement of an ERISA‑related class action. The Court held that the disputed policy language unambiguously limits coverage to wrongful acts committed by an insured acting as an ERISA fiduciary, and IBM was acting as a plan settlor, not a fiduciary.