Lloyd's Gets $3.5M In Katrina Claims Set Aside

Law360, New York (July 16, 2010, 3:37 PM EDT) -- In what could be one of the last major appellate decisions regarding damage in Mississippi from Hurricane Katrina, a federal appeals court has reversed a lower court's ruling that put certain underwriters at Lloyd's London on the hook for $3.5 million in insurance claims made by Penthouse Owners Association Inc.

Finding a deductible endorsement did not cover water damage, the U.S. Court of Appeals for the Fifth Circuit on Thursday remanded the case back to district court, where the owners association will try again to force...
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