Cooper's Insurance Transfer Was Valid, NJ Court Affirms

Law360 (April 13, 2018, 5:43 PM EDT) -- Cooper Industries LLC can tap into a slew of liability policies to cover a U.S. Environmental Protection action over the cleanup of a New Jersey Superfund site because it received a valid transfer of a corporate predecessor's insurance rights, a state appeals panel affirmed on Friday.

OneBeacon Insurance Group and Columbia Casualty Co. had asked the New Jersey Appellate Division to upend a state judge's June 2015 ruling giving Cooper access to several primary and umbrella policies the insurers had issued to Cooper's predecessor, the original McGraw-Edison Co., for periods spanning 1971 through 1980. 

The key issue was whether the original McGraw-Edison's rights to...

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