By Joe Hoppe
N. Brown Group PLC said Wednesday that Allianz Insurance PLC has applied to increase the scope of a claim against its subsidiary, estimated at an additional 36 million pounds ($50.7 million.)
The U.K. clothing-and-footwear retailer, which is involved in a claim and counterclaim with Allianz over the sale of historical products by N. Brown's subsidiary JD Williams & Co., said Allianz has issued a further application to the court to expand the size of its original claim relating to an additional customer redress exercise, which Allianz estimates to be as much as GBP36 million.
The company previously said the claim and counterclaim were complex, and proceedings were at an early stage, and as such it couldn't reliably estimate the amount of potential outflow. N. Brown has instead disclosed a contingent liability.
The case is scheduled for trial in March 2022.
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(END) Dow Jones Newswires