Lloyd’s Underwriters are withdrawing fraud allegations and agree to pay over 90% of the claim
All claims made by Horizon against Underwriters and all claims made by Underwriters against Horizon and Weisbrod Matteis & Copley must be rejected.
Horizon Tire Inc. and Weisbrod Matteis & Copley PLLC are pleased to announce that Horizon has resolved all insurance disputes with certain underwriters at Lloyd’s of London arising out of Linglong Americas and affiliates’ defense of Horizon litigation. As part of the Horizon versus Underwriters comparison, underwriters pay more than ninety percent of the amounts requested by Horizon for its defense costs. All claims made by Horizon against Underwriters and all claims made by Underwriters against Horizon and Weisbrod Matteis & Copley must be rejected. Underwriters are also withdrawing their allegations of fraud against Horizon and withdrawing their right to a refund of amounts previously paid to Horizon. (The litigation between Horizon and Linglong was settled in 2019.)
Christina Wang, Horizon’s chief financial officer, stated, “Horizon is in the tire business, not the litigation business. We are therefore delighted to be leaving the final parts of this litigation behind us after years of struggle. ”She added,“ We are extremely grateful for the fantastic work that Weisbrod Matteis & Copley has done with both Linglong and ours Disputes over insurance coverage with underwriters for us. “
Shelli Calland of Weisbrod Matteis & Copley, who served as Co-Lead Counsel with Stephen Weisbrod in underwriter arbitration on behalf of Horizon, stated, “After years of underwriter arbitration and litigation and two and a half weeks of arbitration testimony, this is a great one Result for a great and well deserved customer. “
For more information or an interview on the case, please contact Stephen Weisbrod at [email protected]
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Weisbrod Matteis & Copley represents a wide range of claimants on insurance and other matters. The company’s clients include large private equity firms, Fortune 500 companies, the Mississippi Attorney General, and more than 1,000 corporations and homeowners whose properties have been flooded by hurricanes and other disasters. WMC has offices in Washington, Ft. Lauderdale, Jackson and San Juan. More information is available online at www.wmclaw.com.