MATERIAL LITIGATION SUMMONS WITH NOTICE RECEIVED FROM EMPLOYERS INSURANCE COMPANY OF WAUSAU
The post MATERIAL LITIGATION SUMMONS WITH NOTICE RECEIVED FROM EMPLOYERS INSURANCE COMPANY OF WAUSAU appeared first on Favelle Favco .
Source: Favelle Favco Berhad · August 2, 2026 at 10:57 PM · AI-assisted report
KUALA LUMPUR, 3 AUGUST 2026 —
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Headline: MATERIAL LITIGATION SUMMONS WITH NOTICE RECEIVED FROM EMPLOYERS INSURANCE COMPANY OF WAUSAU Lead: The post MATERIAL LITIGATION SUMMONS WITH NOTICE RECEIVED FROM EMPLOYERS INSURANCE COMPANY OF WAUSAU appeared first on Favelle Favco . Body: Favelle Favco Berhad ("Favco" or the "Company") wishes to announce that its wholly-owned subsidiary, Favelle Favco Cranes (USA) Inc. ("FFC USA"), was served on 23 July 2026 with a Summons with Notice in an action commenced by Employers Insurance Company of Wausau, as subrogee of 555 Tenth Avenue Leasehold Condominium, in the Supreme Court of the State of New York ("Plaintiff"). The action names Favco, FFC USA and 13 other defendants. The Plaintiff seeks damages of USD52,500,000, together with statutory interest, costs and disbursements, in relation to losses allegedly arising from a crane incident that occurred in New York on 26 July 2023. The Company understands that FFC USA's involvement was limited to the supply of the crane. Neither Favco nor FFC USA owned, operated or maintained the crane at the time of the incident. The Company further notes that the official independent investigation report did not attribute the incident to any failure by the manufacturer. Accordingly, the Company believes that it has strong grounds to defend the claims. The Company has notified its insurer of the claim and will take all necessary steps to vigorously defend the proceedings. Based on the information presently available, the Company does not currently expect the proceedings to have any material financial or operational impact on the Group. However, at this preliminary stage of the proceedings, the Company is unable to reliably estimate the potential financial exposure, if any, arising from the claim. This announcement is dated 28 July 2026. Source: Favelle Favco Berhad Published: 2026-07-28T02:09:25.000Z Region: Companies Topic: Economy (AI-assisted rewrite, based on the original source)