GE Says Israeli Shipping Co. Reneged On Contracts

Law360, New York (September 4, 2009, 5:10 PM EDT) -- Israeli shipping company Zim Integrated Shipping Services Ltd. has failed to pay General Electric Capital Corp. for $23.4 million in shipping container rentals, according to a breach of contract suit filed by GE.

GE hit Haifa-based Zim with the suit Thursday in the U.S. District Court for the Middle District of Florida, alleging breach of lease agreements and breach of implied covenant of good faith and fair dealing.

The suit relates to deals made in 2001 and 2005 in which GE, which leases and lends equipment...
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