Massey Energy Settles Business Interruption Claim for $21M

Massey Energy Company announced that its property and business interruption insurance carriers agreed to pay $21 million on Massey’s claim related to the October 2000 slurry spill at its Martin County Coal subsidiary, for property damage, business interruption and related expenses.

At this time, the company anticipates recording earnings per share related to this settlement of approximately $0.13, after adjusting for a previously booked receivable and claim settlement expenses.

The settlement will be recognized in the company’s Sept. 30, 2003 third quarter results.