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By Yin Wilczek
A lawsuit stemming from Westinghouse Electric Co. LLC’s acquisition of a Chicago Bridge & Iron Co. NV subsidiary that builds nuclear power plants will be before the Delaware Supreme Court May 3 ( Chi. Bridge & Iron Co. NV v. Westinghouse Elec. Co. LLC , Del., No. 573, 2016, oral argument 5/3/17 ).
The state high court is scheduled to hear oral argument on CB&I’s claims Westinghouse reneged on promises to wipe out CB&I’s liabilities tied to nuclear plants built in South Carolina and Georgia when it acquired the Netherlands-based firm’s Stone & Webster unit. According to CB&I’s complaint, Westinghouse is demanding more than $2 billion because of cost overruns in the project.
The Delaware Chancery Court Dec. 2 dismissed the case, saying the parties’ purchase agreement required an independent auditor to resolve the dispute.
CB&I is represented by Garrett B. Moritz, Ross Aronstam & Moritz LLP, Wilmington, Del. Westinghouse is represented by John M. Seaman, Abrams & Bayliss LLP, Wilmington.
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