Circuit City Trust, Toshiba Settle $92M In Claims

Law360, New York (December 4, 2012, 6:57 PM EST) -- The trustee liquidating Circuit City Stores Inc. asked a Virginia bankruptcy judge Tuesday to approve a settlement with Toshiba America Information Systems Inc. and an affiliate to settle some $91.9 million in total claims and avoid the risk of litigation.

Alfred H. Siegel, who's running the Circuit City Stores Inc. Liquidating Trust, asked U.S. Bankruptcy Judge Kevin R. Huennekens to sign off on the settlement, which also includes Toshiba American Consumer Products LLC. The terms of the deal are confidential, but Toshiba is agreeing to make...
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