Insurer Wins Katrina Business Loss Spat With Casino

Law360, New York (March 16, 2010, 3:35 PM EDT) -- A federal appeals court has sided with Catlin Syndicate Ltd. over how the insurer determined business interruption losses for casino operator Imperial Palace of Mississippi Inc., finding Catlin was justified in not taking post-Hurricane Katrina revenues into account.

The district court was right in granting Catlin summary judgment declaring that profits Imperial made upon reopening the casino after Katrina should not be taken into account in determining the casino's losses, the U.S. Court of Appeals for the Fifth Circuit said on Monday.

Hurricane Katrina severely damaged...
To view the full article, register now.

UK Financial Services

UK Financial Services

Read Our Latest UK Financial Services Coverage

Financial Services Law360 UK provides breaking news and analysis on the financial sector. Coverage includes UK and European Union policy, enforcement, and litigation involving banks, asset management firms, and other financial services organizations.