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Tetra, Insurers Strike $40M Deal Over Katrina Damage

Law360, New York (October 15, 2009) -- Tetra Technologies Inc. has reached a $40 million settlement with its insurance companies in a breach of contract suit over damage to offshore oil wells caused by hurricanes Katrina and Rita, the oil and gas services company announced Wednesday.

Maritech Inc., a Tetra subsidiary, sued various insurers and underwriters at Lloyd's of London in a state court in Montgomery County, Texas, for breach of contract in November 2007. The...

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