Business
Ramaco Resources, Inc. Announces Litigation Verdict and $32.7 million Jury Award
LEXINGTON, Ky., July 19, 2021 /PRNewswire/ -- On July 15 and 16, 2021, Ramaco Resources, Inc. (NASDAQ: METC) (the "Company" or "Ramaco Resources") prevailed
About this update from Ramaco Resources, Inc.
[{"type":"text","content":"LEXINGTON, Ky., July 19, 2021 /PRNewswire/ -- 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. \nBased 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. \nAbout Ramaco Resources, Inc.\nRamaco Resources, Inc. is an operator and developer of high-quality, low-cost metallurgical coal in southern West Virginia, southwestern Virginia and southwestern Pennsylvania. Its executive offices are in Lexington, Kentucky, with operational offices in Charleston, West Virginia. The Company has five active mines within two mining complexes at this time.\nNews and additional information about Ramaco Resources, including filings with the Securities and Exchange Commission, are available at http://www.ramacoresources.com. For more information, contact investor relations at (859) 244-7455.\nCAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS\nCertain statements contained in this news release constitute \"forward-looking statements\" within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements represent Ramaco Resources' expectations or beliefs concerning guidance, future events, anticipated revenue, future demand and production levels, macroeconomic trends, the development of ongoing projects, costs and expectations regarding oper...