Virtu, Axis End $11M Hacking Coverage Fight

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By Josh Liberatore (February 18, 2022, 1:35 PM EST) — Virtu Financial Inc. formally ended its coverage suit against Axis Insurance Co. over nearly $11 million in losses it suffered in a 2019 hacking incident, a move that comes one month after the parties reached an agreement in principle to settle the matter.

The parties on Thursday wrote to U.S. Magistrate Judge Katharine H. Parker, informing the New York federal court that Virtu was voluntarily dismissing, with prejudice, all claims against the insurer.

On Jan. 19, Virtu and Axis told the court of their settlement plans. The same day, Judge Parker directed the parties to file a joint stipulation of dismissal by…

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