Asbestos Verdict In California Case Worries Insurers In Other Lawsuits

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http://query.nytimes.com/gst/abstract.html?res=FB0617FD3D5B0C7B8CDDAC0894DB404482

Business/Financial Desk | May 8, 2003, Thursday
Asbestos Verdict In California Case Worries Insurers In Other Lawsuits

By JOSEPH B. TREASTER (NYT) 1048 words
Late Edition - Final , Section C , Page 1 , Column 5

ABSTRACT - Jury in civil trial in Los Angeles concludes that about 40 British companies, including Lloyd's of London and American companies Stonewall Insurance Co and Highland Insurance Group must pay nearly $200 million for asbestos claims already filed against bankrupt Fuller-Austin Insulation Co, as well as those expected to be filed against trust created by company; industry experts and plantiffs' lawyers say verdict may lead to wave of new asbestos litigation that woujld greatly increase costs for insurance companies; several insurance experts say California verdict underscores need for broad solution that is being negotiated by Congress, Bush administration, insurers, lawyers and corporations that would create national trust to deal with asbestos claims and remove issue from courts (M) A jury verdict in California may lead to a wave of new asbestos litigation that would greatly increase costs for insurance companies, industry experts and plaintiffs' lawyers said yesterday.

On Monday, a jury in a civil trial in Los Angeles concluded that a group of London insurance companies and two American insurers must immediately pay nearly $200 million for claims already filed against the bankrupt Fuller-Austin Insulation Company, as well as those expected to be filed against a trust created by the company.



 

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