Carrier Owes More Than $15M In Prejudgment Interest, Federal Judge Says
(September 15, 2015, 11:51 AM EDT) -- PHILADELPHIA — An insurer must pay its insured more than $15 million in prejudgment interest in addition to $21 million in damages for underlying asbestos-related claims filed against the insured even though the total judgment exceeds the policy limits, a Pennsylvania federal judge said Sept. 9 (General Refractories Company v. First State Insurance Co., et al., No. 04-3509, E.D. Pa.; 2015 U.S. Dist. LEXIS 119642).
(Opinion available. Document #03-150916-001Z.)
In 2004, General Refractories Co. (GRC) filed suit in the U.S. District Court for the Eastern District...