Favorable Verdict for Celebrity Cruises

Thursday, June 29, 2006
Celebrity Cruises announced that a federal court jury in New York has awarded Celebrity $193m in a lawsuit against Essef Corp. Celebrity has remaining claims for interest and certain legal fees. Celebrity filed suit against Essef Corp. for damages stemming from a 1994 outbreak of Legionnaires' disease on Celebrity's vessel Horizon. Celebrity claimed for out-of-pocket losses, lost profits, and loss of business enterprise value related to this incident. The verdict is subject to appeal and, due to the ongoing nature of the proceedings, the ultimate financial impact to Celebrity Cruises is undetermined at this time. Any gain from this verdict will only be recognized when the outcome is known with certainty.

Cruise Ship Trends

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Pods Versus Water Lubricated Props

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Finance

Rickmers Holding, E.R. Capital Drop Merger Plan

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Yangzijiang Shipbuilding to Slash 2,000 More Jobs

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Australia Warns DCNS after Security Breach

Australian defence officials warned French naval contractor DCNS to beef up security in Australia, where it is preparing to build a A$50 billion ($38.13 billion) fleet of submarines,

 
 
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