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Sony Corp. of America and Zurich American Insurance Co. have reached a settlement in connection with the 2011 hacking of Sony's PlayStation Network, according to reports.
In what has been a closely watched coverage dispute, the case was settled for an undisclosed amount about two weeks ago and paperwork in connection with it was submitted to the court today.
In February 2014, a New York Supreme Court judge said in a bench ruling that Zurich American was not obligated to cover Sony for litigation in connection related to the 2011 hacking of its PlayStation Network.
Zurich American and Zurich Insurance Co. Ltd. had filed suit against New York-based Sony in New York State Supreme Court in Manhattan in 2011, stating they were not obligated to “defend and potentially indemnify” Sony from class action lawsuits, miscellaneous claims and possible investigations by state attorneys general related to the hacking attacks on its networks.
According to court documents, the insurer said in its 2011 filing that it is not obligated to defend or indemnify Sony because Sony's primary commercial general liability policy and its excess policy do not qualify for such coverage.
The case was subsequently appealed to the New York Supreme Court's appellate division.
Spokesmen for Zurich American and Sony could not immediately be reached for comment.
(Reuters) — Hacking attacks that destroy rather than steal data or that manipulate equipment are far more prevalent than widely believed, according to a survey of critical infrastructure organizations throughout North and South America.