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CombiMatrix awarded $31.4 mln damages in lawsuit against insurer

Wed Feb 13, 2008 9:23am EST

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Feb 13 (Reuters) - CombiMatrix Corp (CBMX.O) said a U.S. district court awarded it and its former parent company $31.4 million in damages in a lawsuit against their insurance carrier, National Union Fire Ins Co.

National Union had refused to defend and indemnify the company under its director and officer's insurance policy, the biotechnology company said in a statement.

Under an agreement with its former parent company, all proceeds from the lawsuit will be paid to CombiMatrix. (Reporting by Jennifer Robin Raj in Bangalore; Editing by Himani Sarkar)



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