Allianz Insurers' $69M Plant Insulation Deal Left Intact

Law360, New York (October 10, 2012, 7:07 PM EDT) -- A California federal judge upheld a $69 million settlement Tuesday between a group of Allianz insurers and bankrupt Plant Insulation Co., rejecting the arguments of other insurers that claimed the deal was not made in good faith and did not meet Bankruptcy Code standards.

Plant Insulation, which went under in the midst of being inundated with asbestos-related claims, agreed as part of its reorganization plan to sell its various insurance policies to Allianz companies Fireman's Fund Insurance Co., American Automobile Insurance Co. and National Surety Corp....
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