Chatswood, Australia-based CSR Limited said Bermuda-based insurer ACE Ltd. has agreed to pay $94 million ($120 million Australian) to settle long-standing litigation over asbestos claims.
The manufacturer said ACE was one of a number of insurers sued in New Jersey in 1995 by the company seeking damages and relief and indemnity for U.S. asbestos claims under policies issued to CSR from approximately 1978 to 1989.
CSR said the settlement concludes claims against all defendants in the case, other than a few defendants that the company believes to be insolvent.
"We are pleased to have achieved a commercial resolution with ACE. Since commencing this litigation in 1995, settlements have totaled $279 million [U.S. $219 million] before legal costs," said Alec Brennan, CSR's chief executive officer and managing director.
CSR and some of its subsidiaries were involved in mining, manufacturing and marketing products containing asbestos in Australia and exporting asbestos to the United States, according to its 2006 annual report.
The company was named as a defendant in asbestos injury actions filed in both Australia and the United States. The company has a total of 4,194 claims against it from the United States and Australia.
The company said it recently reached settlements with a group of 48 Australian, United Kingdom and European insurers for $81 million (Australian $103 million). In 2004 it reach a settlement with certain underwriters at Lloyd's, through Equitas, for $32 million ($41 million Australian).
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