Blowout Preventer Co. Sues Insurer For $50M To Fund BP Deal

Law360, New York (January 31, 2012, 1:40 PM EST) -- Cameron International Corp., the maker of the failed Deepwater Horizon blowout preventer, sued Liberty Insurance Underwriters Inc. Monday, seeking $50 million to help fund its $250 million settlement with BP PLC and its defense in multidistrict litigation over the Gulf of Mexico oil spill.

According to the complaint filed in Louisiana federal court, Liberty has been the sole insurer to reject Cameron's claim for coverage of December's settlement, which largely eliminated Cameron's exposure to hundreds of lawsuits arising from the April 2010 oil spill. BP has...
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