HOUSTON – Five Mexico City corporations are accused of not paying back performance bonds relating to a construction project in Texas.
Zurich American Insurance Co.; Fidelity and Deposit Co. of Maryland (individually and collectively, “Zurich”); American Home Assurance Co.; Chartis Seguros Mexico, S.A. De C.V. (individually and collectively, “AIG”); XL Specialty Insurance Co.; Greenwich Insurance Co.; and XL Reinsurance America Inc. filed a complaint in the Houston Division of the Southern District of Texas against Grupo Tradeco, SA de CV; Tradeco Infraestructura, SA de CV, doing business as Tradeco Infraestructura Inc.; and Tradeco Industrial SA de CV alleging breach of indemnity agreement and other counts.
According to the complaint, the plaintiffs allege that they provided defendants with financial assistance in the amount of not less than $66,647,729. The suit states they anticipate additional losses on the bonds, with possible total liability exceeding $78 million. The plaintiffs hold the defendants responsible because the defendants allegedly have failed to post collateral or repay the sureties.
The plaintiffs request a trial by jury and seek judgment against defendants, jointly and severally, in the amount of damages incurred by the plaintiffs, an order compelling defendants to perform their obligations under the Indemnity Agreements, attorneys’ fees and expenses, pre- and post-judgment interest, costs of court and such other and further relief to which the plaintiffs are justly entitled. They are represented by Keith A. Langley and Brandon K. Bains of Langley LLP in Westlake.
Houston Division of the Southern District of Texas Case number 4:16-cv-01952