Lloyd's Doesn't Owe Bristol-Myers $11M For Theft: Suit

Law360, New York (May 13, 2011, 7:19 PM EDT) -- Lloyd's of London asked a New York state court Thursday for a judgment that it does not owe Bristol-Myers Squibb Co. an additional $10.6 million over the theft of a truckload of its brand-name drugs, including Abilify, Avalide and Avapro.

Lloyd's said in a summons with notice that it had already paid BMS $10.9 million over the incident but had rejected the pharmaceutical giant's additional demand. The insurer is hoping the court will declare it has fully satisfied its obligations to BMS under the insurance contract...
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