Zurich And Others Settle £30M Dispute With Korean Oil Co.

Law360, London (January 29, 2019, 5:04 PM GMT) -- A British subsidiary of Zurich and 13 other insurers have settled their £30 million ($39.5 million) dispute with a state-owned South Korean oil company over a severed underwater cable, according to an order handed down at a London Court.

Dana Petroleum (E&P) Ltd. sued Zurich Insurance PLC (U.K. Branch) and the other companies in May 2017 after they refused to pay out for accidental damage to underwater drilling equipment in September 2011. But all participants in the action have agreed to a confidential settlement, according to an order issued at the High Court by Judge Christopher Butcher dated Jan. 24.

Dana had...

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