THE WOODLANDS, Texas, June 27, 2017 /PRNewswire/ -- CB&I (NYSE: CBI) today issued the following statement on the Delaware Supreme Court's decision to reverse the previous decision of the Court of Chancery in CB&I's lawsuit against Westinghouse.The Delaware Supreme Court rejected Westinghouse's attempt to raise claims that the parties extinguished by contract in the purchase agreement of October 2015. The Court also ruled that nearly all of Westinghouse's claim will not be presented to the Independent Auditor. The opinion authored by Chief Justice Leo E. Strine, Jr., states, "We therefore reverse and require the entry of a judgment on the pleadings for Chicago Bridge."
"We are very pleased with the Delaware Supreme Court's decision, which vindicates our position that Westinghouse's $2 billion claim was without merit under the agreement," said Philip K. Asherman, CB&I's President and Chief Executive Officer. "CB&I looks forward to quickly resolving any remaining disputes between the parties, which we believe should be immaterial in light of the Court's ruling."
CB&I (NYSE: CBI) is a leading provider of technology and infrastructure for the energy industry. With over 125 years of experience, CB&I provides reliable solutions to our customers around the world while maintaining a relentless focus on safety and an uncompromising standard of quality. For more information, visit www.CBI.com.
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