Philly Refinery Sues Insurers Over $1.25B Payout For Ch. 11
Law360 (February 13, 2020, 8:51 PM EST) -- Philadelphia refinery owner PES Holdings sued 22 insurers and policy underwriters late Wednesday for full payment of $1.25 billion in business interruption policy benefits described as essential to its newly confirmed Delaware Chapter 11, accusing the insurers of unjustly resisting the payout.
The seven-count adversary proceeding filed in U.S. Bankruptcy Judge Kevin Gross' court accused the companies of feigning cooperation while preparing to avoid what PES said were commitments under a string of policies for catastrophic loss protection that had been in effect for years.
PES, which also sought damages in the new suit, said it has received only $65 million...
Stay ahead of the curve
In the legal profession, information is the key to success. You have to know what’s happening with clients, competitors, practice areas, and industries. Law360 provides the intelligence you need to remain an expert and beat the competition.
Access to case data within articles (numbers, filings, courts, nature of suit, and more.)
Access to attached documents such as briefs, petitions, complaints, decisions, motions, etc.
Create custom alerts for specific article and case topics and so much more!