Insurers Settle Lazare Diamond Coverage Row For $32M

Law360, New York (July 6, 2011, 6:46 PM EDT) -- Lazare Kaplan International Inc. said Wednesday that U.S. and U.K. insurers have agreed to fork over $32 million to settle a $640 million coverage dispute that Lazare brought in New York federal court over lost Angolan diamonds.

Lazare's suit, which targeted Swiss Re International SE, Lloyd's of London, The Marine Insurance Co. Ltd. and others, initially sought $135 million for the value of the lost rough diamonds from Angola, along with about $505 million in interest and consequential damages.

Lazare said it entered into confidential settlement...
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