It may not have been the most high-profile case of the term, but the arguments before the Supreme Court Monday morning in Travelers Indemnity Co. v. Bailey and the consolidated case Common Law Settlement Counsel v. Bailey packed the Supreme Court’s lawyers’ section with insurance and bankruptcy law practitioners among others. Even former New York Gov. Mario Cuomo, now of counsel at Willkie Farr & Gallagher, was in the audience, though he was sitting in the public section, not the area reserved for members of the Supreme Court bar. (We’re not sure if that was his choice, or if the lawyers’ section was full.)
The case revisits the long-running asbestos litigation, beginning with the 1986 settlement that was reached with the bankrupt Johns-Manville Corp. to handle claims by those injured by exposure to asbestos. It has been touted — including before the justices Monday — as a model of success for compensating 660,000 claimants with more than $2.8 billion in payouts. Insurers contributed to the fund, and in return got immunity from the bankruptcy court from future claims related to their policies with asbestos makers.
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