Citgo Petroleum Corporation v. Ascot Underwriting Limited, for and on behalf of Lloyd's Syndicate 1414

Track this case

Case Number:

24-227

Court:

Appellate - 2nd Circuit

Nature of Suit:

 

  1. November 06, 2025

    Citgo Win May Put Focus On Geographical Policy Limits

    A Second Circuit ruling affirming a $54 million judgment for Citgo in a coverage dispute over oil cargo lost during political unrest in Venezuela was an unsurprising outcome, a maritime and insurance attorney told Law360, but it may spark carriers to reevaluate or emphasize certain policies' geographical limitations. Here, Jonathan Thames of Nicoll Black Altenbrun & Feig PLLC breaks down the case.

  2. October 28, 2025

    2nd Circ. Upholds $54M Award To Citgo In Oil Cargo Dispute

    The Second Circuit affirmed a $54 million judgment for Citgo Petroleum Corp. in its suit seeking coverage for oil cargo lost during political unrest in Venezuela, finding Tuesday that a lower court did not err or abuse its discretion in rulings on summary judgment, judicial notice and jury instructions.