Lazare Kaplan’s underwriters have denied recent claims by the company, saying LKI has not “met its burden” for payments, the company said in an SEC filing.
The company still has the right to “submit additional expenses” to support the claims.
The company’s underwriters had previously given it a $28 million interim payment for “sue and labor” costs and expenses. That is not impacted by this decision.
In addition, the company announced that Robert A. Del Genio is resigning from LKI’s board of directors.
He resigned due to potential conflicts of interest relating to a LKI lawsuit against insurance companies that are represented by the firm Del Genio founded, Conway Del Genio, Gries & Co.