Broker Withdraws Appeal After N.Y. Federal Judge Orders New Trial in $30 Million Action

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of its request for a new trial in a $30 million Superstorm Sandy coverage action, a defendant insurance broker has withdrawn its appeal to the 2nd Circuit U.S. Court of Appeals.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 …