Judge Sarah S. Vance of the U.S. District Court for the Eastern District of Louisiana issued a ruling Jan. 4, granting motions by McDermott International Inc., a worldwide energy services company, and its subsidiary Babcock & Wilcox, for summary judgment against a group of London underwriters and dismissed the declaratory judgment action filed by the insurers. The underwriters had hoped to annul an agreement acknowledging coverage for B&W’s asbestos exposure and setting forth other agreements of the insurers to pay claims within that coverage. The agreement had been in effect since April 1990, and served as the allocation and payment mechanism to resolve many asbestos claims against B&W. Judge Vance concluded that the underwriters’ claims lacked factual or legal basis. Bruce Wilkinson, Chairman of the Board and CEO of McDermott stated that the ruling underscores the “extent of the underwriters’ contractual obligations” and affirms that this “coverage is available to settle B&W’s asbestos claims.”
Topics Louisiana
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