Ruling Confirming Primacy Of Federal Bankruptcy Law Over State Law Prohibiting Assignment Of Insurance Policies Good news For Chapter 11 Plan Asbestos Trusts

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Ruling Confirming Primacy Of Federal Bankruptcy Law Over State Law Prohibiting Assignment Of Insurance Policies Good news For Chapter 11 Plan Asbestos Trusts

Over the last few decades, many companies have been inundated

with claims for personal injury, wrongful death, or property damage

relating to the presence of, or exposure to, asbestos or

asbestos-containing products. More than a few otherwise viable

companies have buckled under the weight of these claims, and

several of them have turned to bankruptcy as a means of addressing

and managing their asbestos-related liabilities. One of the

mechanisms available to a company seeking to address its asbestos

liabilities is the creation of an asbestos trust through the

confirmation of a chapter 11 plan of reorg...

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