A New Jersey judge has ruled that Congoleum's insurance carriers don't have to fund a $500 million settlement with the company's asbestos claimants because it was a bad-faith deal engineered by lawyers acting collusively. The settlement had been the centerpiece of a prepackaged Chapter 11 petition designed to protect the company from claims arising from its use of asbestos before 1983. But the judge ruled that the settlement was not reasonable because it was reached without the consent of the insurers.
May 25, 2007 at 12:00 AM
1 minute read
The original version of this story was published on Law.Com
A New Jersey judge has ruled that Congoleum Corp.’s insurance carriers don’t have to fund a $500 million settlement with the company’s asbestos claimants because it was a bad-faith deal engineered by lawyers acting collusively.
The settlement had been the centerpiece of a prepackaged Chapter 11 petition designed to protect the Mercerville, N.J., floor-products company from claims arising from its use of asbestos before 1983.
Presented by BigVoodoo
Join the industry's top owners, investors, developers, brokers & financiers at THE MULTIFAMILY EVENT OF THE YEAR!
Law firms & in-house legal departments with a presence in the middle east celebrate outstanding achievement within the profession.
The premier educational and networking event for employee benefits brokers and agents.
Atlanta s John Marshall Law School is seeking to hire one or more full-time, visiting Legal WritingInstructors to teach Legal Research, Anal...
Lower Manhattan firm seeks a premises liability litigator (i.e., depositions, SJ motions, and/or trials) with at least 3-6 years of experien...
At NJM, a top-rated insurance company, we are seeking an Attorney on our Workers Compensation legal team with between 3 and 5 years of expe...
MELICK & PORTER, LLP PROMOTES CONNECTICUT PARTNERS HOLLY ROGERS, STEVEN BANKS, and ALEXANDER AHRENS
