Pill Maker Settles $100M Insurance Row Over Thailand Flood
By Joshua Alston (March 1, 2013, 8:56 PM EST) -- Pill maker Capsugel Holdings US Inc. on Thursday settled with three insurance companies it sued for over $100 million for limiting claims payouts after Capsugel's production facility in Thailand was disrupted by flooding, according to an order filed in a New Jersey state court.
Capsugel voluntarily dismissed a suit it filed in December against Zurich American Insurance Co., Allianz Global Risks US Insurance Co. and XL Insurance America Inc. after settling for undisclosed terms, according to the order.
The Peapack, N.J.-based drug capsule manufacturer sued the insurers following massive rains that flooded Capsugel's production facility in Ayutthaya, Thailand, in October 2011,...
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