Genzyme, Insurer Settle Coverage Suit Over $64M Deal

Law360, New York (February 14, 2012, 5:25 PM EST) -- A Massachusetts federal judge on Tuesday dismissed Genzyme Corp.'s suit seeking coverage from Federal Insurance Co. for part of a $64 million class action settlement with investors stemming from a merger, noting Genzyme and Federal Insurance had reached a settlement in principle.

U.S. District Judge Richard Stearns dismissed the complaint without prejudice, noting he would resurrect it if Genzyme and Federal Insurance did not formally settle their claims. On Monday, Genzyme and Federal Insurance notified the court that they had reached the settlement in principle and...
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