Cayman Islands resort hotel lawsuit resolved on no-liability basis

Wednesday, October 5, 2005

ALISO VIEJO, USA: Fluor Corporation announced Tuesday that its dispute with the developer of the Ritz-Carlton Grand Cayman hotel in the Cayman Islands has been resolved on a no-liability basis.

On June 23, 2005, the company received an unexpected, unfavorable jury verdict awarding damages to the developer. As a consequence, in its second quarter the company recorded a $65 million charge consisting of the jury award, estimated attorney fees and pre-judgment interest, and accounts receivable. 

At the time of the original decision, company officials stated that they strongly believed the verdict was not supported by the facts or by applicable law. On September 15, 2005, the judge who tried the case granted Fluor's motion for a new trial, setting aside the unfavorable verdict in its totality.

On September 29, 2005, in lieu of a new trial, the parties have stipulated to a judgment of no liability in favor of either side, and the action has been dismissed with prejudice.

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