Common Contracts
1 similar Settlement Agreement contracts
Settlement Agreement – West VirginiaSettlement Agreement • September 13th, 2021
The West Virginia Supreme Court ruled that an insurer was not bound by a settlement agreement because it was not a party to the lawsuit in which the settlement agreement was entered. After suffering a leg injury, the injured party sued Heartwood Forestland Fund, IV, Limited Partnership (Heartwood) and Allegheny Wood Products, Inc. (Allegheny). Heartwood and Allegheny subsequently entered into a settlement agreement with the injured party, consented to a $1 million judgment and agreed to assign any claim they had against Penn-America Insurance Company (Penn-America) for failing to provide a defense in the lawsuit. In exchange, the injured party agreed not to execute the judgment against Allegheny or Heartwood. The injured party dismissed his lawsuit against Allegheny and Heartwood and filed suit against Penn-America. In that lawsuit, Penn-America argued that the settlement agreement was not binding on it because Penn-America was not a party to the underlying lawsuit and was not given no
