Court Backs $35M Asbestos Claim Denial By Bankrupt Insurer

Law360, New York (April 18, 2012, 6:42 PM EDT) -- Integrity Insurance Co.'s liquidator properly exercised his discretion in denying recovery to a class of more than 30,000 members with a $35 million contingent claim over alleged asbestos injuries, a New Jersey appeals court ruled Wednesday.

The court disagreed with the class that Integrity's excess insurance policy with a New York contractor covers the claim and backed the liquidator's rationale for allowing only absolute claims — covered claims for which the liability and value had been set by a payment or court judgment — as part...
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