Orange Beach condo dispute settled

ORANGE BEACH, Ala. - Birmingham-based AIG Baker has settled its multimillion-dollar dispute with the general contractor it hired to build the Levin's Bend tower at The Wharf at Orange Beach.

Terms of the settlement with Tennessee-based Ray Bell Construction were not made public.

The mall developer had claimed that missed deadlines and substandard work by Ray Bell jeopardized the success and viability of the project. AIG Baker sought $49 million in compensatory damages and $147 million in punitive damages.

Ray Bell initiated arbitration in August 2007, alleging that AIG Baker breached contract terms and owed it more than $8 million.

Both sides asked in a June 2 filing that the matter be dismissed. The Press-Register reported Monday that a federal judge approved the request.