Oxy will get $32 million in a lawsuit settlement.
An Orange County Superior Court commissioner approved the settlement between Occidental Petroleum and the Newport Beach office of Bayly, Martin & Fay International, one of the nation’s largest insurance brokers. Occidental charged that it paid the insurance broker nearly $24 million in premiums and commission for a non-existent insurance policy. The Texas-based insurance firm in turn has sued five other insurance companies, saying they bilked Bayly, Martin & Fay in the deal.
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