LexisNexis® Legal Newsroom
Bankruptcy Judge Sets Specialty Products’ Asbestos Liability At $1.16 Billion

WILMINGTON, Del. -- (Mealey's) Former joint compound producer Bondex International Inc. and its related holding company Specialty Products Holding Corp. face an estimated $1.16 billion in pending and future asbestos personal injury claims, about double what the companies estimate their asbestos...

Pfizer Faces Asbestos Actions after Supreme Court Declines to Hear Case

WASHINGTON, D.C. - (Mealey's) The U.S. Supreme Court on June 24 denied a bid for certiorari by Pfizer Inc. of a ruling removing the protection for Pfizer of a bankruptcy injunction barring asbestos personal injury claims entered in the case of a defunct Pfizer subsidiary ( Pfizer Inc. v. Law...

9th Circuit Vacates Asbestos Bankruptcy Reorganization; Says Trust Isn’t In Control

SAN FRANCISCO — (Mealey’s) The Ninth Circuit U.S. Court of Appeals on Oct. 28 vacated the bankruptcy reorganization plan for a former asbestos insulator, finding that the plan failed to satisfy the requirements of Section 524(g) of the Bankruptcy Code dealing with control by asbestos trusts...

U.S. House Approves Asbestos Trust Disclosure Bill

WASHINGTON, D.C. — (Mealey’s) Saying the measure will provide much needed transparency in the more than 60 asbestos-bankruptcy trusts and help prevent fraud, the U.S. House of Representatives on Nov. 13 passed House Resolution 982, the Furthering Asbestos Claim Transparency Act (FACT Act...

Garlock Sues Law Firms, Alleging Fraud Over Asbestos Claims

CHARLOTTE, N.C. — (Mealey’s) Chapter 11 debtor Garlock Sealing Technologies LLC filed four adversary complaints yesterday in a North Carolina federal bankruptcy court against several law firms and attorneys, alleging conspiracy, fraud and violations of the Racketeer Influenced and Corrupt...

Bankruptcy Judge: Plaintiffs, Lawyers Covered Up Evidence in Garlock Meso Cases

CHARLOTTE, N.C. — (Mealey’s) Chapter 11 debtor Garlock Sealing Technologies LLC’s total estimated liability for present and future mesothelioma claims is only $125 million, not $1.2 billion as asbestos personal injury claimants argued, because Garlock’s history of settling mesothelioma...

NYCAL Justice Ends Deferral of Punitive Damages, Keeps CMO Intact

NEW YORK — (Mealey’s) Continued deferral of punitive damages in New York City Asbestos Litigation (NYCAL) unfairly prejudices plaintiffs, and fears of runaway verdicts bankrupting defendants appear overblown in light of the standard necessary for such awards, a New York justice held today...

Supreme Court Won’t Rule On Injunctive Relief Under Bankruptcy Code Section 524(g)

WASHINGTON, D.C. — (Mealey’s) The U.S. Supreme Court today denied a petition to resolve the question of whether a bankruptcy court’s order barring the assertion of contribution claims against settling insurers must be accompanied by the establishment of alternative means for the nonsettling...

2nd Circuit: Bankruptcy Court Order Final; Insurers’ Deals With Asbestos Claimants Valid

NEW YORK — (Mealey's) The Second Circuit U.S. Court of Appeals on July 22 reinstated a federal bankruptcy court ruling requiring two insurance companies to pay $510 million to asbestos personal injury plaintiffs under decades-old settlements, finding that conditions precedent to payment under...