Travelers Must Pay $15M Interest For Denied Asbestos Claims
By Joe Van Acker (September 9, 2015, 7:05 PM EDT) -- A Pennsylvania federal judge on Wednesday awarded more than $15 million in interest to General Refractories Co. in its suit accusing Travelers Casualty and Surety Co. of improperly denying coverage for thousands of asbestos exposure claims, denying the insurer's bid to avoid paying interest altogether.
U.S. District Judge L. Felipe Restrepo's order added about $15.3 million in prejudgment interest to $21 million in damages the parties agreed to in a joint stipulation in July, granting GRC's request that he apply Pennsylvania's six percent statutory interest rate.
Mike Conley, an attorney for GRC, told Law360 that it's important for courts to prevent...
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