NICO Exits Montello's Asbestos Claims Coverage Suit

Law360, New York (September 27, 2011, 12:09 PM EDT) -- National Indemnity Co. on Monday walked away from Montello Inc.'s Oklahoma lawsuit against six insurance companies over coverage of hundreds of asbestos claims, after a judge found Montello could not directly sue the insurer.

Montello — which faces scores of personal injury and wrongful death suits claiming it sold a drilling mud adhesive that contained asbestos — had argued that its complaint against NICO was appropriate because the company had agreed to cover asbestos claims under a $4 billion retroactive reinsurance agreement with one of its...
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