Asbestos-related litigation has forced at least 70 companies into bankruptcy, with more than 30 filing since 2000 alone. RAND Institute for Civil Justice, Asbestos Litigation Costs and Compensation: An Interim Report (2002); The Asbestos Alliance, Asbestos by the Numbers (2004).
Insurers' Standing in Three Asbestos-Related Bankruptcy Cases
Asbestos-related litigation has forced at least 70 companies into bankruptcy, with more than 30 filing since 2000 alone. RAND Institute for Civil Justice, <i>Asbestos Litigation Costs and Compensation: An Interim Report</i> (2002); The Asbestos Alliance, <i>Asbestos by the Numbers</i> (2004). Meanwhile, the outlook remains uncertain for a federal legislative solution. In the bankruptcy courts, companies, insurers, claimants and judges will be forced to grapple with a variety of issues regarding the appropriate use of Section 524(g) of the Bankruptcy Code. Central to these disputes is the extent to which insurers have standing to raise issues regarding the debtors' bankruptcy filings and the provisions of their reorganization plans. In this article, we discuss recent rulings addressing insurers' standing in three asbestos-related bankruptcies: <i>In re Mid-Valley, Inc., In re Congoleum Corporation,</i> and <i>In re Western Asbestos Company.</i>
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Lynn K. Neuner And Matthew A. FunkThis premium content is locked for LawJournalNewsletters subscribers only
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