Lloyd's Deal Axed BP Unit's Policies, Calif. Court Says

Law360, New York (September 13, 2012, 10:27 PM EDT) -- A California appeals court held Thursday that environmental insurance policies covering BP America Inc. subsidiary Atlantic Richfield Co. were released following a 2000 agreement with Lloyd’s of London underwriters, but that the contract didn't affect a separate deal for paint lead litigation coverage.

A three-judge panel affirmed a lower court’s finding that although no one involved in the signing of the agreement at the time was aware that ARCO had been taken over by BPA two months earlier, the language of the document makes clear that...
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