Judge Dismisses As Moot Insurers' Appeal Of Settlement In Plant Bankruptcy

Judge Dismisses As Moot Insurers' Appeal Of Settlement In Plant Bankruptcy

SAN FRANCISCO - An appeal by nonsettling insurance companies of a $70 million settlement between Chapter 11 debtor Plant Insulation Co. and two other insurers is moot because the settlement is authorized by the U.S. Bankruptcy Code and was consummated in good faith and the nonsettling insurers never obtained a stay of the settlement pending appeal, a California federal judge held Sept. 12 in dismissing the appeal (United States Fidelity and Guaranty Company, et al. v. Official Committee of Unsecured Creditors of Plant Insulation Co., et al., No. 13-01666, N.D. Calif.; 2013 U.S. Dist. LEXIS 130743).

Find full version on lexis Advance®
Access this news story on lexis.com®