Court reverses $70 million judgment against certain Lloyd's underwriters, other London insurers in Koppers Company Inc. v. Aetna, et al;.PITTSBURGH, PA--(BUSINESS WIRE)--Oct. 31, 1996-- Court Rules Insurers Entitled To Credit The U.S. Court of Appeals for the Third Circuit has reversed a U.S. District Court decision in Koppers Company Inc. v. Aetna, et al. The district court had entered a $70 million judgment in favor of Koppers, Inc. in an environmental cleanup The process of removing solid, liquid, and hazardous wastes, except for unexploded ordnance, resulting from the joint operation of US forces to a condition that approaches the one existing prior to operation as determined by the environmental baseline survey, if one was conducted. dispute against Certain Underwriters at Lloyd's of London Not to be confused with Lloyds Bank or Lloyd's Register. Lloyd's of London is a British insurance market. It serves as a meeting place where multiple financial backers or “members”, whether individuals (traditionally known as , and certain other London insurance market companies. The judgment amount represented the total costs that Koppers had incurred at 18 cleanup sites without regard to settlement funds that Koppers received from several other insurers prior to trial. The litigation An action brought in court to enforce a particular right. The act or process of bringing a lawsuit in and of itself; a judicial contest; any dispute. When a person begins a civil lawsuit, the person enters into a process called litigation. surrounding this case, originally filed in September 1985, concerned allegations of insurance coverage for various environmental pollution claims of Koppers Company, Inc., at 144 hazardous waste Hazardous waste Any solid, liquid, or gaseous waste materials that, if improperly managed or disposed of, may pose substantial hazards to human health and the environment. Every industrial country in the world has had problems with managing hazardous wastes. industrial plant and landfill sites. Of these sites, 18 (located in 12 U.S. states) were the subject of the first phase of trial. In its reversal of the July, 1995 trial court decision, the appeals court ruled that the London insurers are entitled to receive a credit against the judgment for the full shares of liability allocable to the insurance companies with which Koppers settled. The London insurers are represented by Chicago-based insurance and reinsurance The contract made between an insurance company and a third party to protect the insurance company from losses. The contract provides for the third party to pay for the loss sustained by the insurance company when the company makes a payment on the original contract. law firm Blatt, Hammesfahr & Eaton. Larry Eaton, one of the firm's managing partners, heads the trial team. The case will be sent back to the district court to calculate the settling insurers' apportioned ap·por·tion tr.v. ap·por·tioned, ap·por·tion·ing, ap·por·tions To divide and assign according to a plan; allot: "The tendency persists to apportion blame as suits the circumstances" shares of liability, which will be deducted from the judgment against the London insurers. "We anticipate that the amount of previous judgment against the London insurers will be significantly reduced," said Eaton. -0- EDITOR'S NOTE Editor's Note (foaled in 1993 in Kentucky) is an American thoroughbred Stallion racehorse. He was sired by 1992 U.S. Champion 2 YO Colt Forty Niner, who in turn was a son of Champion sire Mr. Prospector and out of the mare, Beware Of The Cat. Trained by D. : A copy of the court opinion is available by contacting Mitch Koppel at (312) 541-8787 CONTACT: Minkus & Dunne Communications Mitch Koppel, 312/541-8787 |
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