Judge Reverses $11 Million Settlement Between Boiler Company, Asbestos Insurers

Mealey's (March 12, 2019, 12:21 PM EDT) -- TACOMA, Wash. — A Washington federal bankruptcy court erred in approving an $11 million settlement between Chapter 11 debtor Fraser’s Boiler Service Inc. and asbestos insurers because the deal fails to protect the contribution claims of nonsettling insurers, a federal judge ruled March 8 in reversing the settlement approval (In re:  Fraser’s Boiler Service, Inc., Nos. 3:18-cv-5637 and 3:18-cv-05638, W.D. Wash., 2019 U.S. Dist. LEXIS 37840)....