Congoleum, Chartis Reach $40M Coverage Deal

Law360, New York (April 19, 2010, 4:22 PM EDT) -- Bankrupt flooring company Congoleum Corp. has asked a judge to approve a $40 million settlement with The Chartis Cos., the last remaining insurance company in an adversary proceeding over asbestos claims coverage.

Chartis has agreed to pay Congoleum $40 million in periodic installments over six years for the right to buy back several excess insurance policies, according to a motion for approval lodged Friday in the U.S. District Court for the District of New Jersey.

If passed, the deal would pave the way for Congoleum to...
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