Insurer Must Partially Cover Failed La. Project, 5th Circ. Says

Law360, New York (February 1, 2013, 3:46 PM EST) -- The Fifth Circuit on Thursday rejected a pair of cross-appeals in a dispute over a failed New Orleans housing project, finding that Commonwealth Land Title Insurance Co. is obligated to cover the developer, but for only a fraction of the demanded $7 million.

A unanimous appeals panel affirmed a decision by the Eastern District of Louisiana placing Commonwealth on the hook for just over $600,000 in diminished value incurred after the Levy Gardens housing project was derailed by a zoning dispute. In doing so, the court...
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