Insurers’ Asbestos Claim Challenge Won’t Hit High Court

Law360, New York (November 7, 2011, 3:21 PM EST) -- The U.S. Supreme Court on Monday rejected a bid by refractory products maker Global Industrial Technologies Inc. to reverse a precedential Third Circuit ruling that the company’s insurers could challenge its handling of asbestos- and silica-related claims in its bankruptcy plan.

The high court denied GIT’s petition in a short order, over the company’s argument that Hartford Accident and Indemnity Co. and seven other insurers lacked standing to object to its plan.

An attorney for GIT, James Restivo of Reed Smith LLP, declined Monday to discuss...
To view the full article, register now.

UK Financial Services

UK Financial Services

Read Our Latest UK Financial Services Coverage

Financial Services Law360 UK provides breaking news and analysis on the financial sector. Coverage includes UK and European Union policy, enforcement, and litigation involving banks, asset management firms, and other financial services organizations.