Formosa Plastics, Insurers Settle $58M Coverage Suit

Law360, New York (December 2, 2010, 6:57 PM EST) -- Nine insurance companies, including Allied World Assurance Co. Holdings Ltd. and certain underwriters at Lloyd's of London, have settled a coverage suit with Formosa Plastics Corp. USA, ending a four-year legal battle over a disputed $58 million insurance claim related to an explosion and fire at one of the plastics manufacturer's plants.

Judge Garrett Brown of the U.S. District Court for the District of New Jersey handed down an order dismissing the case Wednesday, saying only that a settlement had been reached. 

Jeffrey Weinstein of Mound Cotton Wollan &...
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