Lloyd's, Other Insurers to Pay $93 Million to California Over Waste Dump
Date: 03-Feb-05
Country: USA
Lloyd's will pay the bulk of the settlement, or $49 million, according to a statement from Attorney General Bill Lockyer's office.
The settlement will help California recover expenses from cleaning up the Stringfellow Hazardous Waste Site in southern California's Riverside County, according to the statement.
A federal court in 1998 found the state liable for the site for negligently designing and operating it in the 1950s and 1960s and for not addressing its pollution in the 1970s.
The state had bought insurance policies from Lloyd's and the other insurers to cover potential liabilities associated with the site. The state sued the companies in 1993 to force them to honor the policies.
Lloyd's attorney Terry Cosgrove of Lord, Bissell & Brook LLP said the insurer was not immediately available to comment on the settlement.