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Chancery Sends Asbestos Injury Trust Audit Fight To Trial

Law360, Wilmington (June 11, 2019, 10:02 PM EDT) -- A Delaware Chancery Court battle over insurers' rights to audit asbestos personal injury trust payouts for a bankrupt affiliate of Philips Electronics North America Corp. accelerated toward a September trial late Tuesday, after both sides saw their summary judgment arguments flatly rejected.

In a ruling from the bench, Vice Chancellor Joseph R. Slights III told all sides he was unlikely to support the tightly restricted audit rights that Philips, affiliate T.H. Agriculture & Nutrition LLC and the THAN LLC Asbestos Personal Injury Trust claimed could be found in a bankruptcy court settlement and associated agreements dating to 2009.

But the vice...

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