Insurer Drops Appeal, Settles ABM Chinese Drywall Suit

Law360, Chicago (March 5, 2012, 6:43 PM EST) -- Auto-Owners Insurance Co. dropped its Eleventh Circuit appeal Friday of a lower court's ruling that it had to cover American Building Materials Inc. in underlying litigation brought by KB Home Inc. over allegedly defective Chinese drywall, saying the parties had settled their claims.

In an unopposed motion to dismiss the appeal without prejudice, Auto-Owners told the appeals court that the parties "have amicably resolved their dispute and have entered into a confidential settlement agreement" and that each side would bear its own costs and attorneys' fees....
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