June 24th, 2008
Reservoir Case Settled!
At last night’s City Council meeting (June 23, 2008), Newark City Council approved a settlement resolving litigation with Durkin Contracting over the reservoir construction.
The terms of the settlement are that the City will pay $3.6 million to Durkin and our insurer will pay $7 million to Durkin.
In October, 2006, Durkin was awarded $36.7 million by a jury. The breach of contract portion was reduced in April, leaving the city with a $25.6 million judgment.
This settlement is terrific news; a tremendous weight has been lifted off our city’s shoulders.
While many were confident about the city’s chances on appeal, it was certainly a lot of money to risk for an uncertain outcome. With this settlement, the city is relased from all of Durkin’s claims concerning the reservoir.
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