The Board of Trustees of the Galveston Wharves today met in executive session to consider a mediated settlement of a lawsuit between the port and Lanachire Insurance Company Limited and Allied World Assurance Company, who are the defendants in the lawsuit styled Board of Trustees of the Galveston Wharves v. Lexington Insurance Company, et al., in the 10th Judicial District Court of Galveston County.
“There are several insurance companies involved as defendants in the lawsuit that the port has filed,” explained Wharves Board Chair Roland Bassett after the meeting. “A couple of those insurance companies, defendants, and the port have reached a tentative settlement. We’re not releasing the amounts yet, because we haven’t got the agreement yet.” Listen
Bassett said the wharves board will likely consider the settlement for action at the June 25 meeting.
The wharves board also discussed “business opportunities in connection with parking operations” in executive session, but the item was removed from the action agenda.
There were no other items on the special meeting agenda. Agenda