Tool Co., Travelers Settle Fraud Coverage Suit

Tool Co., Travelers Settle Fraud Coverage Suit

By Josh Liberatore (May 24, 2022, 4:36 PM EDT) — A toolmaker dropped its suit against Travelers seeking coverage related to fraud allegations involving a $40 million patent suit, after the sides told a Texas federal court they reached a settlement.

DD Energetics and Travelers Casualty & Surety Co. of America filed a joint stipulation of dismissal with prejudice Monday. The agreement ends the toolmaker’s suit, which alleged Travelers refused to defend DD Energetics and its officer Derrek Drury in a patent dispute with Repeat Precision, a manufacturer of fracking drilling devices, under a $5 million directors and officers policy.

Toolmaker DD Energetics and Travelers have reached an undisclosed settlement to…

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