Macsteel Wants Klockner's $32M Indemnity Claim Nixed

Law360, Wilmington (August 28, 2013, 8:10 PM EDT) -- Luxembourg-based steel firm Macsteel Global BV asked the Delaware Chancery Court on Wednesday to declare a $32 million indemnity claim by Klockner USA Holding Inc., the company that bought its U.S. subsidiary in 2011, invalid in order for it to access $20 million in tied up funds.

Macsteel argued that Klockner's claim is based only on the possibility that tax authorities could audit the returns for the Mexican unit included in the deal for the years 2006 through 2010, and assess some sort of penalty. But...
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