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The insurance industry has notched another victory in its defense of its commercial insurance policies against claims for business interruption due to the coronavirus.
This matter comes before the Court onPlaintiffs’ Motion for Summary Judgment(“Plaintiffs’ Motion”)and Defendant’s Cross-Motion for Summary Judgment(“Defendant’s Motion”). While the Court is sympathetic to the plight of Plaintiffs,it must grant summary judgment to Defendant as a matter of law.
On July 1, in Gavrilides Management Co. LLC v. Michigan Insurance Co., 30th Circuit Judge Joyce Draganchuk granted the insurance company's dispositive motion denying a $650,000 business interruption claim brought by restaurant owner Nick Gavrilides in the Circuit Court of the County of Ingham, Michigan.
It has been no surprise that private equity sponsors and other would-be participants in the M&A markets have been hesitant to make new investments over the last few months, in many cases abandoning transactions that had been in process prior to the onset of the COVID-19 pandemic.
Q2 2020 deal activity continued to fall as it was the first full quarter completely encased in the pandemic. Deal value also took a steep downturn by almost 35% compared to Q2 2019.
A trial court judge in Lansing, Michigan handed a victory to insurers in what may be the nation’s first final ruling on the question of whether a insurer is liable for financial damages caused by a coronavirus closure order.