In the Matter of the Liquidation of Integrity Insurance Company/Celotex Asbestos Trust, A-50 September Term 2011; Supreme Court; opinion by Cuff, P.J.A.D., temporarily assigned; decided June 19, 2013. On appeal from the Appellate Division. [Sat below: Judges Payne, Baxter and Koblitz in the Appellate Division.] DDS No. 23-1-0343 [36 pp.]
Celotex Corporation was a major manufacturer of commercial and residential building and roofing products. In the late 1970s and early 1980s, thousands of lawsuits were filed asserting liability against Celotex for bodily injuries and property damage incurred from its asbestos-related products. In 1990, it filed for reorganization under Chapter 11 of the Bankruptcy Code in the Middle District of Florida. The bankruptcy court thereafter approved the establishment of the Celotex Asbestos Settlement Trust to process all of the asbestos-related claims.
