Kimberly-Clark Gets Share Of $325M Credit: 5th Circ.

Law360, New York (April 27, 2009, 12:00 AM EDT) -- Factory Mutual Insurance Co. must pay ex-policyholder Kimberly-Clark Corp. its share of a $325 million surplus credit, even though its policy expired after the insurer announced the distribution, a federal appellate court has determined.

On Monday, the U.S. Court of Appeals for the Fifth Circuit affirmed a district court's decision granting summary judgment to Kimberly-Clark and awarding it more than $3 million in damages, or its share of the membership distribution.

Because Kimberly-Clark was a policyholder on the date of record that Factory Mutual established for...
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