NEW YORK - A New York justice on Feb. 28 severed and dismissed professional liability insurers' affirmative defenses based upon dishonest acts and public policy exclusions in a dispute seeking coverage for an insured's monetary settlement of underlying administrative proceedings by the Securities and Exchange Commission and New York Stock Exchange (NYSE) arising from claims of illegal mutual-fund-trading practices (J.P. Morgan Securities Inc., et al. v. Vigilant Insurance Co., et al., No. 600979/09, N.Y. Sup., New York Co.; 2014 N.Y. Misc. LEXIS 796).