NU Online News Service, May 13, 4:00 p.m. EDT–Congoleum Corporation said it has reached a $103 million settlement with American International Group over asbestos-related claims.
The Mercerville, N.J.-based maker of flooring products said that under the terms of the settlement, certain companies within AIG providing excess insurance coverage, would pay the $103 million over 10 years to a trust to be formed upon confirmation of Congoleum's proposed settlement plan that is waiting approval by the bankruptcy court.
Congoleum said the settlement with AIG resolves coverage obligations of policies with a total of $114 million in liability limits for asbestos bodily injury claims.
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