Porter Hayden, AIG Insurers Ink $15M Asbestos Coverage Deal

Law360, New York (November 20, 2014, 8:17 PM EST) -- Defunct Porter Hayden Co. sought approval Thursday for a $15 million settlement of its asbestos injury coverage dispute with two American International Group Inc. insurers, telling a Maryland federal judge the deal will shield the insurers from future litigation over the asbestos claims and immediately benefit claimants.

The settlement will end nearly 14 years of litigation between the parties and free National Union Fire Insurance Co. of Pittsburgh, Pa. and American Home Assurance Co. from any liability arising from claims by consumers and former employees exposed to asbestos in Porter Hayden’s insulation. The deal nixes an upcoming, January trial and stipulates...

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