$120M Olin Cleanup Deal Based On Lies, Insurer Says

Law360 (November 12, 2020, 6:06 PM EST) -- Lamorak Insurance Co. on Thursday urged a court to rescind a $120 million settlement for environmental cleanup costs with weapons and industrial chemical maker Olin Corp., while Olin asked for an extra $26 million to max out its policy limits.

In a scathing brief filed in New York federal court, the insurer said that its big-dollar settlement with Olin, reached two years ago, was based on intentional misrepresentations by Olin about other financial settlements in what was then a lengthy battle over liability for costs of legacy environmental remediation at the chemical maker's sites across the U.S.

The insurer said that...

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