Law360, New York (July 31, 2015, 5:29 PM EDT) -- The Fifth Circuit preserved a $25.4 million win for oilfield operator Cox Operating LLC in a coverage suit for damage from Hurricane Katrina on Thursday, rejecting an insurer's argument that the lower court misread Texas insurance law when it calculated interest.The three-judge federal appeals panel shot down St. Paul Surplus Lines Insurance Co.'s claim that the Texas Prompt Payment of Claims Act starts adding penalty interest to a claim only after an insurer fails to pay a claim within 60 days of receiving all the necessary claim information. Though the Texas Supreme Court has not ruled on the issue, the... In the legal profession, information is the key to success. You have to know what’s happening with clients, competitors, practice areas, and industries. Law360 provides the intelligence you need to remain an expert and beat the competition. TRY LAW360 FREE FOR SEVEN DAYS
A federal appeals court has upheld a $22.5 million jury award to oilfield operator Cox Operating LLC in a suit for damages from Hurricane Katrina, dismissing St Paul Surplus Lines Insurance Co's claim that the lower court misread Texas insurance law when it calculated the interest.