GTE CORP. SUES 5 INSURERS TO RECOVER $400 MILLION IN Y2K
REMEDIATION COSTS
NEWARK, N.J. -- GTE Corp., which said in a recent SEC filing it expects to spend close to $400 million in Year 2000 remediation costs, has asked a federal court here to order five insurers to cover those expenses. GTE filed for declaratory relief on June 18 in the U.S. District Court for the District of New Jersey against Allendale Mutual Insurance Co., Affiliated FM Insurance Co., Allianz Insurance Co., Federal Insurance Co. and Industrial Risk Insurers.
Those companies all wrote primary or excess policies from July 1, 1996, to July 1, 2000, according to GTE. Allendale, GTE's lead insurer, has disputed coverage and GTE expects the other insurers to do likewise, according to the complaint.
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Cheryl
182 Days until 2000
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