Porter Hayden Strikes $21M Deal Over Asbestos Coverage

Law360, New York (July 31, 2013, 6:58 PM ET) -- Porter Hayden Co. asked a Maryland federal court Wednesday to greenlight its $21.5 million settlement with two Ace Group insurers over coverage of asbestos claims, a deal it said would quickly provide substantial funds to its creditors.

Under the deal, Westchester Fire Insurance Co. would pay $20 million, while Century Indemnity Co. would fork over $1.5 million to settle with Porter Hayden, which sold and installed asbestos-containing insulation products. Porter Hayden said the settlement was negotiated in good faith and was fair and reasonable.

The settlement...
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