Denbury Sues Lloyd's To Recoup $52M In Oil Well Losses

Law360, New York (November 15, 2012, 3:23 PM EST) -- Lloyd’s of London must cover $52 million in pollution cleanup and other costs that Denbury Resources Inc. incurred after discovering a series of wells it had purchased rights to were improperly sealed by a previous owner, Denbury claims in a suit removed to Texas federal court Monday.

The suit alleges Lloyd’s is obligated under an energy exploration and development insurance policy to indemnify Denbury for losses from operations in Yazoo County, Miss., where the oil and gas company purchased a number of leases only to discover...
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.