Aviva Settles Flintkote Asbestos Claims For $150M

Law360, New York (June 14, 2010, 3:00 PM EDT) -- Aviva Insurance Co. of Canada has agreed to pay $150 million to bankrupt mining firm Flintkote Co. to settle a dispute over insurance payouts for asbestos claims that pushed Flintkote into bankruptcy in 2004.

The settlement agreement was filed Friday in the U.S. Bankruptcy Court for the District of Delaware. If approved, it would end litigation brought against Aviva by Flintkote in federal court in California and a countersuit Aviva filed against Flintkote in Canadian court in Ontario.

According to court documents, Flintkote — which formerly...
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