Boeing May Have To Hand Back Insurance Money
Satellite Today has learned that a group of underwriters has begun legal proceedings against The Boeing Co. [BA], seeking to recoup $250 million that previously had been paid out in connection with a defect in early 702-model satellites. The claim was filed in the International Chamber of Commerce in Paris.
According to reports, the total claims filed against the 702-model satellites have exceeded $1.5 billion; the claim alleges that Boeing failed to quickly remedy the problems or alert customers about them.
This specific case involves money paid to Thuraya Satellite Communications Co., but there were defects on the first six 702-model satellites orbited, with claims on those satellites coming from four different operators.
For more analysis on the potential ramifications of this legal action, see the Sept. 20 issue of Satellite News. For more information on subscribing to Access Intelligence’s satellite publications, please visit http://www.satellitetoday.com.