Auto-Owners Loses Bid To Rescind $2.2M Settlement

Law360, New York (February 3, 2011, 7:26 PM EST) -- A federal judge has tossed Auto-Owners Insurance Co.'s suit seeking to reclaim $2.2 million it paid to Lexington Insurance Co. and Allied World Assurance Co. Inc. to cover fire damage caused by a subcontractor at a Florida hotel.

Judge Kenneth Ryskamp dismissed Auto-Owners' suit Tuesday in the U.S. District Court for the Southern District of Florida, ruling that the insurer had not presented evidence that Lexington and Allied misled its insured into entering the multimillion-dollar agreement hammered out in July 2008.

According to the opinion, the...
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.