The Supreme Court heard arguments for an asbestos case on Monday.Wired PR News – The Supreme Court heard arguments in the case of Travelers Indemnity Co v. Bailey on Monday. As reported by Legal Times on Law.com, the case packed a full house of legal professionals including insurance and bankruptcy attorneys.As noted in the report, the proceeding pertained to a past case in which 660,000 claimants were compensated over $2.8 billion in damages for injuries caused by asbestos exposure. In accordance with a settlement agreement, insurers were granted immunity from a bankruptcy court in exchange for paying into a compensation fund for victims. Subsequently, lawsuits were brought against some of the insurers who were supposed to be protected by the agreement. A ruling by the 2nd U.S. Court of Appeals stated that the bankruptcy court did not have the authority to grant immunity to insurers like Travelers Indemnity.The Supreme Court has yet to make their decision regarding the case.
