One contractor in Anchorage's lawsuit over port settles for $5.5 million - Insurance News | InsuranceNewsNet

InsuranceNewsNet — Your Industry. One Source.™

Sign in
  • Subscribe
  • About
  • Advertise
  • Contact
Home Now reading Newswires
Topics
    • Advisor News
    • Annuity Index
    • Annuity News
    • Companies
    • Earnings
    • Fiduciary
    • From the Field: Expert Insights
    • Health/Employee Benefits
    • Insurance & Financial Fraud
    • INN Magazine
    • Insiders Only
    • Life Insurance News
    • Newswires
    • Property and Casualty
    • Regulation News
    • Sponsored Articles
    • Washington Wire
    • Videos
    • ———
    • About
    • Meet our Editorial Staff
    • Advertise
    • Contact
    • Newsletters
  • Exclusives
  • NewsWires
  • Magazine
  • Newsletters
Sign in or register to be an INNsider.
  • AdvisorNews
  • Annuity News
  • Companies
  • Earnings
  • Fiduciary
  • Health/Employee Benefits
  • Insurance & Financial Fraud
  • INN Exclusives
  • INN Magazine
  • Insurtech
  • Life Insurance News
  • Newswires
  • Property and Casualty
  • Regulation News
  • Sponsored Articles
  • Video
  • Washington Wire
  • Life Insurance
  • Annuities
  • Advisor
  • Health/Benefits
  • Property & Casualty
  • Insurtech
  • About
  • Advertise
  • Contact
  • Editorial Staff

Get Social

  • Facebook
  • X
  • LinkedIn
Newswires
Newswires RSS Get our newsletter
Order Prints
June 22, 2016 Newswires
Share
Share
Post
Email

One contractor in Anchorage’s lawsuit over port settles for $5.5 million

Alaska Dispatch News

June 23--The city of Anchorage has reached a settlement with one of the parties in an ongoing lawsuit over the botched Port of Anchorage expansion, a $5.5 million payout that officials hope is a first step in recovering many millions more.

Documents submitted to the Anchorage Assembly earlier this month describe the settlement between the city and MKB Constructors, which worked as a subcontractor on the expansion project with Quality Asphalt Paving Inc. The Washington-based company was mainly responsible for driving steel sheet piles into the floor of Cook Inlet to create the base of what was to be an expanded, upgraded port.

The project ultimately cost more than $300 million and resulted in a half-finished, unusable new dock. Construction stopped in 2010, and the city has sued the private companies involved in project design and construction, including MKB.

A separate lawsuit was filed against the U.S. Maritime Administration, or MARAD, the federal agency that was in charge of overseeing the port expansion project.

City officials say they're hoping to fully recover the money already spent and put it toward a scaled-back but critical "modernization" of the port. City attorney Bill Falsey noted that MKB is just one of seven companies from which the city is seeking damages. The others include the project's designers, PND Engineers of Anchorage and GeoEngineers from Seattle, who have said they're not to blame.

"This is the first check being written to us," Falsey said.

He added: 'This is the beginning, not the end."

Under the terms of the settlement, MKB admits no liability or wrongdoing, Jason Kettrick, a Seattle attorney who worked as the leading defense attorney for MKB, said in a phone interview Wednesday. MKB, a smaller construction outfit, also won't directly pay the settlement amount -- the money will be paid by insurance, Kettrick said.

The settlement was "just a business decision made on the part of the insurance carriers," Kettrick said.

The Assembly voted Tuesday to put most of the settlement money toward the new port modernization project. A small portion will go into a legal escrow account.

So far, the Assembly has authorized the city to spend up to $9 million in legal fees for the port litigation -- an amount boosted from $4.3 million last year.

A trial in the lawsuit involving the contractors has been set for April 2017.

___

(c)2016 the Alaska Dispatch News (Anchorage, Alaska)

Visit the Alaska Dispatch News (Anchorage, Alaska) at www.adn.com

Distributed by Tribune Content Agency, LLC.

Newer

Hartford Man Charged With Setting Fire In His Bloomfield Nursing Home Room

Advisor News

  • Retaining clients by giving them a memorable experience
  • Addressing the longevity paradox
  • Employers shift focus from retirement access to financial outcomes
  • Helping widowed clients navigate their new financial reality
  • Navigating client communication in a digital age
More Advisor News

Annuity News

  • Farm Bureau P&C insurers post first underwriting gain since 2021
  • Legacy Marketing, Malibu Life launch two fixed indexed annuities
  • Changing client priorities are reshaping annuity conversations
  • Solen Software acquires annuity software provider Cooperative Technologies
  • MassMutual Expands Lending Options With New Secured Credit Line
More Annuity News

Health/Employee Benefits News

  • Centene sues feds over low ratings for senior health plans
  • Terry Savage: Small business owners, now is the time to offer health insurance coverage
  • Aldermen select employee medical insurance broker services provider
  • Southwest Bridge Health focusing on insurance coverage gap in Berrien County
  • HEALTHCARE SHOULDN'T REQUIRE A MAP
More Health/Employee Benefits News

Life Insurance News

  • Life insurer ordered to stop selling new policies in Virginia
  • AM Best to Present and Participate at 2026 Shanghai International Reinsurance Conference
  • Agents often missing from the loop on life, LTC insurance rate increases
  • Meiji Yasuda Life Insurance Company Trademark Application for “PEACE OF MIND, FOREVER” Filed: Meiji Yasuda Life Insurance Company
  • SoFi and Prudential Financial team up to expand access to life insurance
Sponsor
More Life Insurance News

NEWS INSIDE

  • Companies
  • Earnings
  • Economic News
  • INN Magazine
  • Insurtech News
  • Newswires Feed
  • Regulation News
  • Washington Wire
  • Videos

FEATURED OFFERS

Press Releases

  • Benefits Studio Launches to Fill the Missing Middle of Benefits Navigation at $49/mo
  • Lauren Sinnott Named to Ragan’s Top Women in Marketing Awards, Class of 2026 
More Press Releases > Add Your Press Release >

How to Write For InsuranceNewsNet

Find out how you can submit content for publishing on our website.
View Guidelines

Topics

  • Advisor News
  • Annuity Index
  • Annuity News
  • Companies
  • Earnings
  • Fiduciary
  • From the Field: Expert Insights
  • Health/Employee Benefits
  • Insurance & Financial Fraud
  • INN Magazine
  • Insiders Only
  • Life Insurance News
  • Newswires
  • Property and Casualty
  • Regulation News
  • Sponsored Articles
  • Washington Wire
  • Videos
  • ———
  • About
  • Meet our Editorial Staff
  • Advertise
  • Contact
  • Newsletters

Top Sections

  • AdvisorNews
  • Annuity News
  • Health/Employee Benefits News
  • InsuranceNewsNet Magazine
  • Life Insurance News
  • Property and Casualty News
  • Washington Wire

Our Company

  • About
  • Advertise
  • Contact
  • Meet our Editorial Staff
  • Magazine Subscription
  • Write for INN

Sign up for our FREE e-Newsletter!

Get breaking news, exclusive stories, and money- making insights straight into your inbox.

select Newsletter Options
Facebook Linkedin Twitter
© 2026 InsuranceNewsNet.com, Inc. All rights reserved.
  • Terms & Conditions
  • Privacy Policy
  • InsuranceNewsNet Magazine

Sign in with your Insider Pro Account

Not registered? Become an Insider Pro.