In a recently unpublished opinion from the Eleventh Circuit Court of Appeals, costs incurred in voluntarily assisting with a regulatory investigation by the Securities and Exchange Commission (SEC) are not costs “arising from” a securities claim. Office Depot sought reimbursement from its insurers of approximately $20 million in legal fees incurred during a time it was voluntarily cooperating with the SEC’s investigation. The insurers denied coverage for the fees and Office Depot instituted a declaratory judgment action against the insurers, seeking a determination that the fees were covered under the policies. Office Depot, Inc. v. National Union Fire Ins. Co. of Pittsburg, PA, et al., 2011 WL 4840951 (11th Cir. 2011).