STORY FROM: Superstorm Sandy Insurance Litigation
Broker Withdraws Appeal After N.Y. Federal Judge Orders New Trial in $30 Million Action
April 22, 2016
NEW YORK — Following a New York federal judge’s grant of its request for a new trial in a $30 million Superstorm Sandy coverage action, a defendant insurance broker has withdrawn its appeal to the 2nd Circuit U.S. Court of Appeals.
Cammeby's Management Co. sustained more than $30 million in losses as a result of Superstorm Sandy in October 2012. However, its insurer, Affiliated FM Insurance Co., paid only $10 million. Cammeby’s sued Affiliated in the U.S. District Court for the Southern District of New York.
Affiliated disputed that the coverage amount was $30 million and counterclaimed for reformation of ...
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