5th Circ. Trims $2.8M Award In Post-Katrina Insurance Suit

Law360, New York (July 21, 2011, 6:15 PM EDT) -- The Fifth Circuit on Wednesday affirmed an award of more than $1.5 million to the owner of a New Orleans apartment complex from Landmark American Insurance Co. for lost business income following Hurricane Katrina and other events, but reversed a $776,000 penalty.

The Eastern District of Louisiana had awarded Berk-Cohen Associates LLC nearly $2.8 million, which included prejudgment interest, in September. The three-judge appeals panel nixed the penalty that the trial court imposed on Landmark for refusing to cover additional lost business income that Berk-Cohen claimed...
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.