Benzinga | Jul 19, 2021 08:38AM EDT

Ramaco Resources Awarded $32.7M Jury Verdict In Lawsuit Against Chubb INA Holdings

On July 15 and 16, 2021, Ramaco Resources, Inc. (NASDAQ:METC) (the "Company" or "Ramaco Resources") prevailed and was awarded an approximately $32.7 million jury verdict in its lawsuit against insurance companies indirectly owned by Chubb INA Holdings, Inc. ("Chubb"). The claim was litigated in the United States District Court for the Southern District of West Virginia (the "Southern District of West Virginia"). It arose from Chubb's denial of insurance coverage of damages incurred by the Company from the collapse of a coal storage silo, which occured at the Company's Elk Creek coal complex in West Virginia on November 5, 2018.

Based on the denial of this coverage, the Company filed suit against Chubb in August 2019, which was ultimately heard before the Federal court in the Southern District of West Virginia. On July 15, 2021, the jury returned a verdict in favor of the Company for $7,653,057 in compensatory damages and on July 16, 2021, made an additional award of $25,000,000 for inconvenience and aggravation. The Company will seek to additionally recover its attorney's fees and costs. This verdict is not final and may be subject to post-trial motions or appeal.