Chicago Bridge & Iron Appeals Dismissal of Westinghouse Suit

Stay current on changes and developments in corporate law with a wide variety of resources and tools.

By Michael Greene

Dec. 5 — Chicago Bridge & Iron Co. NV has asked the Delaware Supreme Court to review the dismissal of its lawsuit over Westinghouse Electric Co. LLC’s acquisition of a CB&I subsidiary that builds nuclear power plants ( Chi. Bridge & Iron Co. NV v. Westinghouse Elec. Co. LLC , Del., No. 573, 2016, notice of appeal filed 12/5/16 ).

CB&I officials alleged in their complaint that Westinghouse reneged on promises to wipe out all the construction company’s liabilities tied to nuclear plants built in South Carolina and Georgia when it acquired the Netherlands-based firm’s Stone & Webster unit.

In dismissing the case, the Delaware Chancery Court Dec. 2 found that the parties’ purchase agreement required an independent auditor to resolve the dispute.

To contact the reporter on this story: Michael Greene in Washington at mGreene@bna.com

To contact the editor responsible for this story: Yin Wilczek at ywilczek@bna.com

Copyright © 2016 The Bureau of National Affairs, Inc. All Rights Reserved.

Request Corporate on Bloomberg Law