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Insurance Recovery Law - August 2014

“Contractual Liability” Exclusion Applies Only To An Insured’s Assumption of Another’s Liability - Why it matters: The Michigan Court of Appeals joined the majority of courts nationwide in holding that a...more

Pennsylvania Supreme Court Notes Limited Reach of Multiple Trigger Rule in Insolvency Case

On July 21, 2014, the Pennsylvania Supreme Court held, as a matter of first impression, that the Continuance of Coverage Provision of the Pennsylvania insurance insolvency statute, 40 P.S. § 221.21, precludes coverage for all...more

Garlock: Lifting the Veil on Asbestos Trust Claims

Over the past four decades the landscape of asbestos litigation has been changing, influenced in large part by many asbestos defendants filing for bankruptcy. In search of solvent defendants, plaintiffs’ attorneys expanded...more

New York Appeals Court Sustains Asbestos Plaintiffs’ Direct Suit against Liability Insurer of Dissolved Corporate Defendant

Can an asbestos bodily injury plaintiff directly sue the liability insurer of a dissolved corporate defendant? Yes, said New York’s Appellate Division, First Department – under certain circumstances. The court’s decision came...more

It’s a Matter of Trust: The Garlock Decision as an Impetus for Increased Transparency Legislation in the Asbestos Trust Arena

On January 10, 2014, a bankruptcy court judge considered the estimated asbestos liability for Garlock Sealing Technologies, LLC (Garlock), ultimately determining that liability to be $125 million, a fraction of its previously...more

Delaware Decision Makes It Increasingly Difficult for Insurers to Evade Coverage for Dissolved Corporations

Can an injured plaintiff obtain compensation from a dissolved company with unexhausted insurance policies and force the insurer to pay? The Delaware Supreme Court says yes—in certain circumstances. Originally published...more

Delaware Supreme Court Defines Unexhausted Insurance Policies as Property of Dissolved Corporations

The Supreme Court of the State of Delaware recently reversed a Court of Chancery decision declining to appoint a receiver for a dissolved Delaware corporation, Krafft-Murphy Company, Inc. (Krafft). The Chancery Court...more

Railroad Company Involved in Deadly Explosion Seeking Bankruptcy Protection

Railroad Company Involved in Deadly Explosion Seeking Bankruptcy Protection by Joel R. Glucksman on August 20, 2013 Railroad company Montreal, Maine & Atlantic Ltd., which has recently been in the media spotlight for...more

Weekly Law Resume - May 23, 2013: Insurers May Exercise the Attorney-Client Privilege On Behalf of Dissolved Corporate Insured

Mary Melendrez et al., v. Superior Court of the State of California, County of Los Angeles - COURT OF APPEAL, SECOND APPELLATE DISTRICT (April 30, 2013) - Petitioners and Plaintiffs Mary Melendrez, individually and...more

Historical Tort System Claim Values Cannot Be Reduced By "Nuisance" Settlements and "Implicit Defense Costs" To Determine Present...

Delaware Bankruptcy Judge Judith Fitzgerald in the bankruptcies of Specialty Products Holding Corp. (a/k/a RPM, Inc.) and Bondex International, Inc. rejected the Debtors’ “novel” claim estimation approach that reduced from...more

In the Matter of Krafft-Murphy Co., Inc., C.A. No. 6049-VCP (Del. Ch. Feb. 4, 2013) (Parsons, V.C.)

In this opinion, the Court of Chancery denied a motion for judgment on the pleadings by certain asbestos claimants (the “Claimants”) seeking appointment of a receiver under 8 Del. C. § 279, holding that the dissolved...more

Jennifer Black Strutt on In re: Federal-Mogul Global Inc.: Third Circuit Holds Bankruptcy Code Preempts Anti-Assignment...

Federal-Mogul Global, Inc., one of the world’s largest manufacturers of automobile parts, and over 150 affiliates (collectively “Federal-Mogul”), filed for Chapter 11 bankruptcy as a result of asbestos-related liabilities. At...more

In re Thorpe Insulation Company: The Non-Settling Insurers Strike Back

On January 24, 2012, Judge Ronald M. Gould of the U.S. Court of Appeals for the Ninth Circuit held that an appeal filed by certain insurance companies with respect to a plan confirmation order was not moot and that such...more

The United States Supreme Court Applies Equitable Principles in Favor of Insurers in Enforcing Settlement Trust Order by...

The Supreme Court in Travelers Indemnity Company v. Bailey, 57 U.S. ___ (2009) last week reversed a Second Circuit opinion that could have caused insurance companies concerns when contributing to a settlement fund to resolve...more

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