Federal-Mogul Asbestos Trust Settles With Zurich

Law360, New York (April 18, 2011, 5:01 PM EDT) -- An asbestos litigation trust created through the bankruptcy proceedings of auto parts maker Federal-Mogul Corp. told a Delaware federal court Friday that it had reached a settlement in New Jersey state court with units of Zurich Financial Services Group.

The Federal-Mogul U.S. Asbestos Personal Injury Trust's motion seeks approval to include Zurich Insurance Co. Ltd. and Zurich International (Bermuda) Ltd. as protected parties under Federal-Mogul’s bankruptcy plan.

In return, Zurich agreed to pay “a substantial sum” to the trust, according to the motion. The exact terms...
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