In Vigilant Ins. Co. v. Credit Suisse First Boston Corp. (10 AD3d 528 [1st Dept 2004]) Credit Suisse First Boston (CSFB) was investigated by the SEC and NASD Regulation, Inc. for obtaining commissions for "flipping" initial public offering stock in violation of federal securities laws. CSFB entered into a settlement with both entities in which it agreed to pay $ 70 million in disgorgement of improperly acquired funds. The Court held that CSFB was not entitled to recover either the disgorged funds or the defense costs incurred by reason of the regulatory investigation because these amounts were not insurable losses under the policy.