Porter Hayden Strikes $21M Deal Over Asbestos Coverage

Law360, New York (July 31, 2013, 6:58 PM EDT) -- Porter Hayden Co. asked a Maryland federal court Wednesday to greenlight its $21.5 million settlement with two Ace Group insurers over coverage of asbestos claims, a deal it said would quickly provide substantial funds to its creditors.

Under the deal, Westchester Fire Insurance Co. would pay $20 million, while Century Indemnity Co. would fork over $1.5 million to settle with Porter Hayden, which sold and installed asbestos-containing insulation products. Porter Hayden said the settlement was negotiated in good faith and was fair and reasonable.

The settlement...
To view the full article, register now.

Documents

Related

Sections

Case Information

Case Title


Case Number

1:06-mc-00201

Court

Maryland

Nature of Suit

Judge

Maryland Unassigned

Date Filed

July 7, 2006

Law Firms

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.