Insurer denying liability in JSW Steel antitrust case

Jun 04, 2014 | 05:11 PM | Michael Cowden

Tags  JSW Steel (USA), Chartis Specialty Insurance, insurance, Sherman Act, antitrust, MM Steel, Reliance Steel and Aluminum, Chapel Steel American Alloy Steel

CHICAGO — JSW Steel (USA) Inc.’s insurance firm claims it does not owe the steel plate and pipe maker for damages—potentially totaling tens of millions of dollars—resulting from alleged violations of U.S. antitrust laws.

New York-based Chartis Specialty Insurance Co. said the policies it issued to JSW Steel (USA) contain exclusions for "knowing violation" of another’s rights as well as for punitive damages, according to documents filed June 2 in U.S. District Court in Texas. "No Texas law makes a knowing violation of the Sherman Act multiple-damage award....

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