Judge Signs Off On $449M Asbestos Deal

Law360, New York (August 28, 2007, 12:00 AM EDT) -- A federal judge has approved a $449 million asbestos-related settlement between bankrupt insulation contractor ACandS Inc. and its insurance company, Travelers Cos., paving the way for ACandS' eventual emergence from Chapter 11.

Under the agreement, which was approved Monday by Judge Judith K. Fitzgerald of the U.S. Bankruptcy Court for the District of Delaware, Travelers will put $449 million in an escrow account called the ACandS Asbestos Settlement Trust sometime within the next week. The money will go toward the several hundred thousand past and future...
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