Defunct Metal Co. Wants $33M For Insurance Payout Delays
By Gavin Broady
Law360, New York (August 12, 2013, 1:58 PM ET) -- G&S Metal Consultants Inc. on Friday demanded that Continental Casualty Co. fork over more than $33 million in Indiana federal court, claiming the insurer's foot-dragging in paying out a business interruption policy following a plant explosion led to the company’s 2009 bankruptcy.
G&S is seeking summary judgment for $33 million in consequential damages, a figure it says is consistent with the company’s valuation prior to its collapse. The company fell apart following a November 2007 plant explosion that left one employee dead and severely damaged the...