No Asbestos Indemnification For Bankrupt Co.: NJ High Court

Law360, New York (June 19, 2013, 6:35 PM EDT) -- The New Jersey Supreme Court on Wednesday ruled that a defunct insurance company could not be held responsible for a $5 million policy it had issued to a manufacturer of building products containing asbestos, saying the matter had already been decided in other venues.

New Jersey’s high court ruled in favor of the now-bankrupt Integrity Insurance Co., which issued a $5 million excess insurance policy to the also-bankrupt Celotex Corp., which once manufactured building and roofing materials containing asbestos. Celotex’s product spawned thousands of product liability...
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