ALBANY – A record-setting upstate lead paint case has been resolved with an insurance company paying in excess of policy limits when it was threatened with a bad-faith claim.
The settlement recently approved by Supreme Court Justice James B. Canfield of Rensselaer County involves a $1.75 million agreement to satisfy what had been a $6.2 million verdict. After an insurance company refused to settle during trial for the policy amount, ultimately exposing the insured to a massive verdict, the plaintiff’s attorney raised a bad-faith claim. Ultimately, a reinsurer agreed to pay above the limits of the policy.
