Asbestos defendants who file for reorganization under the U.S. Bankruptcy Code and seek to establish a personal injury trust for the payment of claims may transfer their liability insurance recovery rights to the trust even if the insurance policies include provisions barring the transfer of such rights, the U.S. Court of Appeals for the Third Circuit has ruled in a precedential opinion.
A three-judge panel composed of Judges Anthony J. Scirica, D. Brooks Smith and Kent A. Jordan issued the decision Tuesday. The appellate court’s decision affirms a prior opinion by the U.S. District Court for the District of Delaware in In re Federal-Mogul Global.
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