Colleges Fail To Get More From Celotex Asbestos Trust

Law360, New York (August 13, 2010, 2:18 PM EDT) -- A federal appeals court has shot down an attempt by several colleges to get more money out of an asbestos settlement trust set up in the Celotex Corp. bankruptcy, ruling that they are not entitled to interest on their claims.

A landmark 2007 decision that awarded New York City $44 million did not create a right to recover interest on payouts, the U.S. Court for the Eleventh Circuit ruled Wednesday, upholding a lower court decision.

The colleges — Claremont McKenna College, Michigan State University, Prince George's...
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