Court approves Congoleum settlement
Article Number: 1372

TRENTON, N.J.—A federal court approved a settlement that will add $16.95 million to Congoleum’s trust to pay victims who were exposed to the company’s asbestos-containing products. The U.S. Bankruptcy Court signed off on the company’s settlement with insurer Century Indemnity, which, according to Congoleum, brings total insurance settlements in the case to about $207 million.

The company will use the settlement money to fund a trust to repay asbestos victims. Congoleum expects to seek approval of the plan’s disclosure statement at an Oct. 19 hearing in the U.S. Bankruptcy Court in Trenton, N.J.
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10/4/2006 10:29:37 AM
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