Lloyd's Investors Prepare To Shed Asbestos Liability

Law360, New York (June 1, 2009, 12:00 AM EDT) -- Long haunted by the specter of future asbestos and environmental claims, a group of investors supplying capital to Lloyd’s of London is about to get a reprieve through a deal involving Warren Buffett’s Berkshire Hathaway Inc.

But insurance attorneys say the transfer, which awaits approval by a British court, has many loose ends and leaves open possibilities for difficult recovery battles and some claims going unpaid.

In the second part of a two-part transaction, an estimated $7.8 billion in liabilities are set to be moved from...
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