Cameron Sues Insurer Over Refusal It Says Threatened BP Deal
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Cameron International Corp., facing thousands of claims from the 2010 Gulf of Mexico oil spill, sued one of its insurers for allegedly refusing to pay $50 million in coverage, a move the manufacturer says threatened a $250 million settlement with BP Plc.
Cameron, in a complaint filed yesterday in federal court in New Orleans, accused a Liberty Mutual Holding Co. unit of breach of contract and of acting in bad faith by holding up the settlement with BP “hostage” so the insurer could negotiate a “steep discount” on the amount it owed.