Rapid-American Drops Bad Faith, Punitive Damages Claims Against Insurers
(August 21, 2015, 7:30 AM EDT) -- NEW YORK — Chapter 11 debtor Rapid-American Corp., in a second amended complaint filed July 24 against three insurance companies, still seeks a declaratory judgment regarding $64 million in remaining policy limits for asbestos claims but no longer accuses the insurers of bad faith or asks for punitive damages (Rapid-American Corporation, et al. v. Travelers Casualty and Surety Company, et al., No. 15-01095, S.D. N.Y. Bkcy.).