5th Circ. Undoes Noble Loss In $50M Rig Damage Suit

Law360, New York (September 17, 2010, 1:08 PM EDT) -- A federal appeals court has reversed a setback for Noble Drilling Services Inc. in a $50 million suit it brought over wire ropes that allegedly snapped and damaged oil rigs, ruling that an arbitration agreement between the wire maker and the distributor does not bind the drilling company.

The district court had applied the theory of “direct benefits estoppel” to dismiss the suit and force Noble into arbitration based on an agreement it had never seen before, but a three-judge panel of the U.S. Court of...
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