Parties in Calif. Federal Reinsurance Action Seek Dismissal, Citing Settlement

LOS ANGELES — The parties in a reinsurance dispute involving underlying pollution losses have asked a California federal judge to dismiss the case with prejudice, explaining that they have reached a settlement.

In a Jan. 13 joint motion filed before Judge Stanley Blumenfeld Jr. of the U.S. District Court for the Central District of California, Continental Insurance Co. and TIG Insurance Co. said “the dispute has been resolved and settled to the extent necessary for dismissal of the action with prejudice, including all claims and counterclaims asserted in this action against all parties, with each party to bear its own …