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Favelle Favco US Unit Hiy with Lawsuit Over 2023 New York Crane Incident

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Favelle Favco (KLSE:FAVCO) U.S. unit, Favelle Favco Cranes (USA), is among 14 defendants hit with a lawsuit seeking $52.5 million in damages over a crane incident in New York in 2023.

The company said the action was filed in the Supreme Court of the State of New York by Employers Insurance Company of Wausau. The claim relates to losses allegedly arising from a crane incident that occurred on July 26, 2023.

Favelle Favco said its subsidiary's involvement was limited to supplying the crane and that neither the parent company nor the subsidiary owned, operated or maintained the crane at the time of the incident.

The company has notified its insurer and said it does not currently expect the proceedings to have a material financial or operational impact on the group.

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