Allianz Insurers' $69M Plant Insulation Deal Left Intact

Law360, New York (October 10, 2012, 7:07 PM EDT) -- A California federal judge upheld a $69 million settlement Tuesday between a group of Allianz insurers and bankrupt Plant Insulation Co., rejecting the arguments of other insurers that claimed the deal was not made in good faith and did not meet Bankruptcy Code standards.

Plant Insulation, which went under in the midst of being inundated with asbestos-related claims, agreed as part of its reorganization plan to sell its various insurance policies to Allianz companies Fireman's Fund Insurance Co., American Automobile Insurance Co. and National Surety Corp....
To view the full article, register now.

Documents

Related

Sections

Case Information

Case Title

ACE Fire Underwriters Insurance Co v. Plant Insulation Company et al


Case Number

3:12-cv-03793

Court

California Northern

Nature of Suit

Bankruptcy Appeal (801)

Judge

Richard Seeborg

Date Filed

July 19, 2012

Law Firms

Companies

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.