Spain should be immune from claims that it breached an insurance contract by seeking damages in court rather than arbitrating with insurers over a €1.5 billion ($1.73 billion) oil spill, lawyers for the country told an English appeals court on Monday.
Spain should be immune from claims that it breached an insurance contract by seeking damages in court rather than arbitrating with insurers over a €1.5 billion ($1.73 billion) oil spill, lawyers for the country told an English appeals court on Monday.
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Insurers Lose Human Rights Challenge To $1B Oil Spill Suit
Law360, London (May 12, 2021, 5:03 PM BST) A London court dismissed on Wednesday part of a challenge brought by a club of insurers against the recognition of a Spanish ruling holding it liable for up to $1 billion for a devastating oil spill, tossing the underwriters human rights arguments.
The oil spill that happened when the MV Prestige sank off the coast of Spain in 2002 caused an ecological disaster for the nearby coastlines of Spain and France. (AP Photo/Carmelo Alen) High Court Judge Christopher Butcher rejected the London Steam-Ship Owners Mutual Insurance Association Ltd. s case that the court s recognition of the Spanish judgment would violate English public.