Westinghouse Wants Chancery To Ax $2B Nuclear Plant Suit
Law360, Wilmington (September 6, 2016, 6:47 PM EDT) -- Westinghouse Electric Co. LLC has asked Delaware’s Chancery Court to toss a challenge to its claim for a more-than $2 billion adjustment in its favor on the purchase of Chicago Bridge & Iron’s nuclear plant construction business, saying the deal requires out-of-court, independent auditing or arbitration.
In a Friday motion for judgment on pleadings or dismissal, Westinghouse said “clear, express” provisions of the purchase agreement for the nuclear construction subsidiary, CB&I Stone & Webster Inc., call for non-court resolution of disputes over purchase terms and amounts, including requirements to assure $1.2 billion working capital balance for the subsidiary upon sale....
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