Huntsman Corporation recovers $475 million from over 20 reinsurance companies
Clients Huntsman Corporation
Jones Day represented Huntsman Corporation in connection with its recovery of $475 million from over 20 reinsurance companies with respect to claims relating to property damage and business interruption losses following an April 2006 fire at a petrochemical plant in Port Arthur, Texas.
Jones Day was involved in the matter since the inception of the loss in April 2006, offering guidance during the claims submission process and then, representing Huntsman against the reinsurance companies in litigation in federal court in Texas and a two week arbitration in New York. The settlement followed a compressed two-month arbitration discovery period, where over 60 depositions and millions of pages of documents were reviewed and exchanged, and an arbitration in November 2009, which was then followed later by 5 days of oral argument.
Huntsman Corporation v. International Risk Ins. Co., No. H-08-1542 (S.D. Tex.); Ace American Insurance Co. v. Huntsman Corporation, No. H-07-2796 (S.D. Tex.)