Law360, New York (May 03, 2012, 5:55 PM ET) -- Automotive parts company Federal-Mogul Corp. slapped a Chartis Inc. unit with a lawsuit in Michigan federal court Wednesday, claiming it wrongly withheld nearly $60 million in coverage for flood damage at a facility in Thailand.
Federal-Mogul said it suffered about $88 million in damages in October when heavy rains flooded its industrial park facility in Ayutthaya, Thailand. Its insurer, Insurance Co. of the State of Pennsylvania, was obligated to pay the full amount but has so far only paid $30 million, Federal-Mogul said.
“Federal-Mogul has sustained,...
Chartis Unit Owes $60M For Thailand Flood: Auto Parts Co.
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