Insolvent Insurer Withdraws 2nd Circuit Appeal Following Stay Of $49M Judgment

Mealey's (May 26, 2021, 4:19 PM EDT) -- NEW YORK — Following a federal judge in New York’s stay of a $49,346,803 judgment entered against an insurer in a decades-old environmental contamination coverage dispute in light of a recent liquidation order, the judge on April 27 issued a mandate granting the insurer’s stipulation to withdraw its appeal arguing to the Second Circuit U.S. Court of Appeals that it cannot secure a supersedeas bond because it is insolvent....