Asbestos Bankruptcy Settlement, Conflicts & Racketeering Clouds Loom
In the latest HuffPo piece by Courts Monitor Publisher, Sara Warner, she writes about Garlock’s asbestos bankruptcy settlement which has multiple implications for the $10 billion per year asbestos-lawsuit industry:
“In the insular world of civil litigation, watershed events usually arrive on an installment plan, trickling in at the pace of… well, at the pace of civil litigation. Yet, sometimes disruption arrives quickly, like last week’s landmark settlement agreement between a North Carolina gasket maker called Garlock Sealing Technologies and asbestos victims’ attorneys.
While the ink has yet to dry and the court has not considered, let alone approved, of the deal, the nation’s asbestos litigation community quickly noted that the announced settlement not only addresses the precedent-setting bankruptcy case but seems to include multiple civil racketeering allegations against high-profile plaintiff’s firms.”