Developer Settles Insurance Suit For $42.5M

Law360, New York (January 29, 2008, 12:00 AM EST) -- A real estate developer will collect a $42.5 million settlement from an insurance company in a case over damage done to a Florida condominium project by a hurricane in July 2005.

On Monday, lawyers for Panama City Beach Condos and defendant Axis Surplus Insurance Co. signed off on a joint stipulation of dismissal with prejudice filed with the U.S. District Court for the Northern District of Florida, according to counsel for the plaintiff Panama City Beach Condos LP.

“Our client is satisfied with the result, and...
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