The U.S. Supreme Court has ruled on June 6, 2024, that insurers have a broad right to weigh in on bankruptcies that may put them on the hook for paying claims. This decision is a significant victory for Truck Insurance Exchange, which challenged the restructuring plan of Kaiser Gypsum, a manufacturer of asbestos-containing products. The ruling allows Truck Insurance Exchange to object to Kaiser Gypsum's proposed $50 million settlement of asbestos-related lawsuits through its Chapter 11 bankruptcy reorganization. The Supreme Court's decision was unanimous, with an 8-0 opinion.
In an 8-0 opinion, SCOTUS backed Truck Insurance Exchange's right to object to Kaiser Gypsum's proposed $50 million settlement of asbestos-related lawsuits through its Chapter 11 bankruptcy reorganization due to concerns about the funding source https://t.co/dvVpeD8jmm https://t.co/ckYIrdDit4
Supreme Court Says Insurer Can Object to Chapter 11 Bankruptcy Plan https://t.co/PcWEVZsOmz
Delaware Bankruptcy Court Ruling Creates a Nightmare for D&O Policyholders Facing Qui Tam Actions https://t.co/meSVU5NfC5
The U.S. Supreme Court affirmed a decision denying a tax refund to the estate of an owner of a building materials company that used a payout from his $3.5 million life insurance policy to purchase his shares in the business. https://t.co/zpxO7o1rcd https://t.co/KGfdyJkGaV
The US Supreme Court ruled that insurers have a broad right to weigh in on bankruptcies that may put them on the hook for paying claims, in a victory for an insurer challenging the restructuring plan of a manufacturer of asbestos-containing products https://t.co/jBzgyzr3pp https://t.co/rkXKsT86Vk