Insurers Sue TransCanada To Avoid $70M Turbine Tab

Law360, New York (June 4, 2010, 3:01 PM EDT) -- National Union Fire Insurance Co. of Pittsburgh, Pa., and other insurers are suing TransCanada Energy USA Inc. to avoid having to pay more than $70 million for a faulty turbine, arguing the company should have known about problems when it bought the Ravenswood power plant in New York in 2008.

Associated Electric & Gas Insurance Services Ltd., ACE INA Insurance Ltd. and Arch Insurance Co. joined National Union in the suit, which was filed Wednesday in the Supreme Court of the State of New York for...
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.