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Termination payment doesn't end liability for Wyeth reinsurers.(London Court of Appeal ruled )(Brief Article)(Statistical Data Included)
Business Insurance, February, 2001 by ALDRED, CAROLYN
LONDON--Reinsurers must pay John Wyeth & Brother Ltd. for legal costs the pharmaceutical company incurred defending benzodiazepine litigation in Great Britain and Ireland, despite the fact that its primary insurers had earlier made a payment in exchange for terminating Wyeth's coverage, the London Court of Appeal ruled this month.
The Appeal Court judges handed down their decision during a hearing on preliminary issues in regard to an action that Burnham, England-based Wyeth brought to recover about L17.5 million ($25.3 million) from its reinsurers. Those reinsurers-including CIGNA Insurance Co. of Europe SA/NV, Home Insurance Co. Ltd., St. Paul Mercury Insurance Co., Aetna Insurance Co. and INA Corp.-argued that because Wyeth's primary insurers, led by...
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