Pittsburgh Corning Insurers Can't Nix Ch. 11 Asbestos Plan

Law360, New York (October 1, 2014, 5:52 PM EDT) -- A Pennsylvania federal judge on Tuesday upheld a Chapter 11 plan ending Pittsburgh Corning Corp.'s 14-year bankruptcy, finding that the "insurance neutral" reorganization won't hamstring two Everest Re Group Ltd. carriers in related asbestos coverage litigation.

U.S. District Judge Joy Flowers Conti stood behind a bankruptcy court's determination that Mt. McKinley Insurance Co. and Everest Reinsurance Co. lacked standing to contest the plan because their legal, equitable and contractual insurance policy rights would be unaffected.

The plan, approved in May 2013, creates a $3 billion compensation trust under Bankruptcy Code Section 524(g) and channels all current and future personal injury claims...

Stay ahead of the curve

In the legal profession, information is the key to success. You have to know what’s happening with clients, competitors, practice areas, and industries. Law360 provides the intelligence you need to remain an expert and beat the competition.


  • Access to case data within articles (numbers, filings, courts, nature of suit, and more.)
  • Access to attached documents such as briefs, petitions, complaints, decisions, motions, etc.
  • Create custom alerts for specific article and case topics and so much more!

TRY LAW360 FREE FOR SEVEN DAYS

Hello! I'm Law360's automated support bot.

How can I help you today?

For example, you can type:
  • I forgot my password
  • I took a free trial but didn't get a verification email
  • How do I sign up for a newsletter?
Ask a question!