Quigley asks court to approve Old Republic, Westport asbestos-related insurance settlement agreements

By Caroline Salls

Pittsburgh, Jan. 9 - Quigley Co., Inc. requested court approval of insurance settlement agreements with Old Republic Insurance Co. and Westport Insurance Co. that resolve asbestos-related coverage disputes, according to Friday filings with the U.S. Bankruptcy Court for the District of Delaware.

Disputes with both insurance companies arose in connection with coverage obligations on shortfall claims, alleging that Quigley or parent company Pfizer Inc. is responsible for amounts originally allocated for members of the Center for Claims Resolution who withdrew or were terminated from the CCR and who have filed Chapter 11 bankruptcy.

Quigley and Pfizer contend the insurance companies are responsible for these amounts.

Under the Old Republic agreement, Old Republic will pay $3.96 million to Quigley's asbestos personal injury trust in installments through 2007 in exchange for Quigley dropping the company from the shortfall litigation.

Under the Westport agreement, Westport will pay $8.03 million to the asbestos personal injury trust in installments through 2007, also in exchange for being dropped from the shortfall litigation.

A hearing is scheduled for Jan. 31.

Quigley, a unit of Pfizer Inc., filed for bankruptcy Sept. 3, 2004. Its Chapter 11 case number is 04-15739.

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