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...
To view the full article, register now.
Law360 Pro Say Podcast
Check out Law360's new podcast, Pro Say, which offers a weekly recap of both the biggest stories and hidden gems from the world of law.