Court Says Liberty Mutual Must Pay Full Asbestos Settlements

By Eli Flesch (June 17, 2021, 8:38 PM EDT) -- Liberty Mutual must pay asbestos exposure victims the full settlements it negotiated on behalf of a defunct valve maker, a New York state court has found, saying the insurer couldn't pay for only periods in which it had active policies with the manufacturer.

In a decision filed Wednesday, Justice Arthur Engoron said Liberty Mutual was responsible for the full share of the settlements because it was bound to defend and indemnify New Jersey manufacturer Jenkins Bros. after it dissolved in 2004 following its bankruptcy in 1989. Declared the "real party-in-interest" for that reason, Liberty Mutual "stood in the shoes" of Jenkins...

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