Fisker reportedly drops $33MM lawsuit over Sandy damaged cars In the wake of Superstorm Sandy hitting the east coast, Fisker Automotive and insurer XL Insurance wound up in a legal battle over 338 Karma models destroyed in the storm. The cars were sitting in Port Newark, New Jersey when the enormous storm struck, washing away $33 million worth of viable automobiles. Fisker sued XL Insurance in New York State Supreme Court after the company denied coverage for the loss.
Fisker reportedly drops $33MM lawsuit over Sandy damaged cars
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Fisker reportedly drops $33MM lawsuit over Sandy damaged cars |
Both sides reportedly reached an agreement to drop the legal action on Thursday without publicly stating a reason for the truce. In lieu of an actual reason, here's some conjecture: the cars may be worth more to Fisker as an uncompensated loss, as pending legal battles make the beleaguered niche automaker much less attractive to potential investors or suitors.
