American International Group

Lodi, CA: (Sep-08-07) The city of Lodi brought a lawsuit against American International Group, one of its insurance carriers, over the clean up costs of the city's polluted groundwater. In a settlement reached, American International Group agreed to a $2.5 million payout to resolve the claims. American International Group will pay the money in two payments by Jan. 15, 2008 and it will go toward removing potentially carcinogenic chemicals lingering well below the surface of the ground. The settlement was reached a month after a $4 million settlement with another insurance carrier. Three other insurance companies remain in litigation with the city. Sources claim that Lodi has settled for $7.3 million in recent months, plus an additional $9 million it received two years ago from its primary insurer. That money is being complemented with millions in revenue raised from an increase to the city's water rates, all of which will pay for the cleanup. [LODI NEWS: POLLUTED GROUNDWATER]

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Published on Sep-15-07