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What Remains of CE-Style Insurance Neutrality After GIT?
Among the most hard-fought battles involving insurers, policyholders, and asbestos claimants are those that have played out in bankruptcy courts, district courts and courts of appeals called upon to review orders confirming plans of reorganization in asbestos bankruptcies. In several instances, appellate courts have overturned such orders. See, e.g., In re Global Indus. Techs., Inc., 645 F.3d 201 (3d Cir. 2011) (GIT); In the Matter of Thorpe Insulation Co., 677 F.3d 869 (9th Cir. 2012); In re Combustion Eng'g, Inc., 391 F.3d 190 (3d Cir. 2005) (“CE“).
A characteristic feature of these asbestos bankruptcies is the creation of asbestos personal injury trusts to pay the claims previously brought against the bankrupt asbestos defendant. As of May 2011, there were 56 asbestos trusts in operation, with several more in process. In re Fed.-Mogul Global Inc., 684 F.3d 355, 360 (3d Cir. 2012). A major source of the funding for these trusts has been insurance settlements. Id. Because of the importance of insurance assets to asbestos bankruptcies, the objections of insurers ' as well as question of whether insurers even have standing to object ' have become central issues in these bankruptcies.
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