5th Circ. Rejects $20M Katrina Insurance Award

Law360, New York (August 18, 2010, 4:58 PM EDT) -- A federal appeals court has thrown out much of a $20 million insurance award Lexington Insurance Co. was forced to pay to the owner of a Louisiana warehouse damaged by Hurricane Katrina, as well as several million more in related damages and penalties.

A three-judge panel in the U.S. Court of Appeals for the Fifth Circuit on Tuesday stripped over $12 million from the compensatory damage award to Consolidated Companies Inc. in the case and vacated a set of statutory penalties and statutory damages.

In August...
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