$358M Garlock Deal May Shrink Future Asbestos Trust Payouts
Law360, New York (January 14, 2015, 8:43 PM EST) -- Garlock Sealing Technologies LLC's planned $358 million agreement to resolve asbestos injury claims is a far cry from the $1.2 billion originally sought by claimants in the landmark bankruptcy case, potentially paving the way for future bankrupt defendants to win dramatically lower asbestos trust valuations.
Garlock's announcement late Tuesday that it had reached an agreement with future asbestos trust claimants to resolve injury claims for $358 million is in line with the spirit of the landmark ruling last January by North Carolina bankruptcy Judge George Hodges, who shrank the defunct industrial-seal maker's liability to $125 million. In his controversial opinion, he indicated...
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