ewsba.se
(RTTNews) - Ramaco Resources Inc. (METC, METCB, METCI, METCZ), a mining company, on Monday announced that a federal jury awarded $30 million in damages to its subsidiary Ramaco Resources LLC.
The damages were awarded in an insurance coverage lawsuit against Federal Insurance Company and ACE American Insurance Company.
The jury awarded $2.5 million in damages for aggravation and inconvenience.
The jury also awarded $27.5 million for net economic loss.
The Court entered judgment in favor of Ramaco LLC and against the defendants on September 25.
The company said that the Attorney's fees, the remaining element of damages, will be determined by the Court.
The defendants may file post-trial motions within 28 days of the judgment.
The defendants will have 30 days from the final judgment to file a notice of appeal.
The company mentioned that the lawsuit arose from the defendants' denial of an insurance claim following the partial structural failure of a raw coal storage silo at Ramaco's Elk Creek preparation plant in November 2018.
In the pre-market trading, Ramaco Resources is 0.55% higher at $9.07 on the Nasdaq.