Congoleum Reaches $17M Insurance Settlement

Law360, New York (August 23, 2006, 12:00 AM EDT) -- Bankrupt flooring company Congoleum Corp. is one step closer to untangling its messy insurance situation, after Century Indemnity Co. agreed to pay $16.95 million to a trust created to pay off asbestos claims filed against Congoleum.

“We believe this settlement is a major step forward. Given the very active role Century has played in opposing our reorganization efforts and litigating coverage issues, we are quite pleased to have resolved our differences,” said Roger S. Marcus, chairman of Congoleum’s board of directors.

Marcus said that the asbestos...
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