Honeywell Fights Ch. 11 Asbestos Trust Over $2.3B Liability
By Vince Sullivan (September 21, 2021, 4:25 PM EDT) -- Honeywell Inc. and the asbestos injury trust created under the Chapter 11 plan of its former affiliate North American Refractories Co. traded complaints late Monday in a Pennsylvania bankruptcy court over the distribution of the trust's $2.3 billion in funds, for which Honeywell is liable.
In its complaint, filed in the Western District of Pennsylvania, Honeywell accused the trust of failing to properly vet claims for asbestos injury before paying them out from funds provided by Honeywell pursuant to NARCO's confirmed Chapter 11 plan. The trust allegedly paid claims that didn't comply with the standards for proving their exposure to NARCO...
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