Law360, London (October 3, 2019, 6:13 PM BST) -- Insurance giant Allianz has settled a British manufacturer's £3.7 million ($4.57 million) claim for flood damage, despite previously telling a London court that it’s entitled to void the insurance due to the company’s alleged failure to disclose information that raised concerns about its safety management.
The parties, “having agreed [to] terms of settlement,” the High Court on Wednesday ordered to stay the litigation. Each side still has permission to apply to the court for a hearing to enforce terms set out in the confidential deal, without needing to bring a new claim, Judge Stephen Phillips added.
Coilcolor sued Allianz in February...
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