Northrop Spinoff Settles Katrina Coverage Row For $180M

Law360, Chicago (September 11, 2013, 3:36 PM EDT) -- U.S. Navy shipbuilder Huntington Ingalls Industries Inc., a recent spinoff from Northrop Grumman Corp., has settled a long-running insurance coverage suit over damages to its shipyards from Hurricane Katrina for $180 million, according to a Monday securities filing.

Factory Mutual Insurance Co., commonly called FM Global, agreed to pay the cash settlement in return for the shipbuilder dropping all claims in its California federal suit, Huntington said in the U.S. Securities and Exchange Commission filing.

“The terms of the settlement agreement are confidential, and the company...
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