Federal Insurance, Contractor Settle Suit Over $21M Bond

Law360, New York (September 1, 2011, 5:02 PM EDT) -- Federal Insurance Co. has reached a settlement with a construction company it sued over a $21 million performance bond for a subcontract on a New York City Economic Development Corp. project, according to a Tuesday filing in federal court.

The EDC, an intervenor-defendant in the case, filed a notice with U.S. District Court Judge John F. Keenan that Federal and Turner Construction Co. had resolved the matter.

Federal launched the suit in 2007, saying it had no obligation to pay a performance bond on a subcontract...
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