Companies purchase fiduciary liability policies to mitigate against financial loss, including potentially significant defense costs, in the event of litigation alleging violations of the Employee Retirement Income Security Act of 1974 (“ERISA”).  A recent New York Court of Appeals case illustrates common—but often unanticipated—limitations on the scope of coverage under many fiduciary liability policies.  Federal Ins. Co. v. IBM Corp., 2012 N.Y. LEXIS 311 (N.Y. Feb. 21, 201 ...