Settlements and Verdicts

Hurricane Damage

New York, NY: (May-13-08) Pinnacle Entertainment, a casino owner, brought a lawsuit against Allianz Global Risks US Insurance Co., over Hurricane Katrina damage at a former Mississippi casino and its Boomtown New Orleans facility. Court papers indicate that Pinnacle previously received $5 million from Allianz. As part of a settlement reached recently, sources declared that Pinnacle Entertainment will receive an additional $48 million from Allianz Global, taking the total payout figure to $53 million. The amount also includes a $3 million interest payment.

Under the terms of agreement, the Las Vegas-based casino operator will release Allianz of all claims and dismiss its lawsuit with prejudice. Pinnacle spokespersons stated that the company is still pursuing a claim against RSUI Indemnity Co. Records show that the company has received a total of about $191.8 million in payments or payment commitments from its insurers related to the hurricane claims. [WAPT NEWS: CASINO OWNER TO GET $48M IN KATRINA INSURANCE SETTLEMENT]

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