Bates White analysis of value of asbestos claims aids in reaching settlement
Bates White was retained by Latham & Watkins to provide asbestos expert consulting services on behalf of Paddock Enterprises, a subsidiary of Owens-Illinois Glass Company, in its Chapter 11 bankruptcy proceeding, which arose from alleged exposure to its asbestos insulation products. Paddock received approval for its Chapter 11 plan, under which the involved companies will contribute to a trust that will resolve and pay current and future claimants who allege exposure to Paddock's asbestos insulation products. More than 95% of existing claimants voted to confirm the plan. Bates White experts prepared estimates for the value of asbestos claims, most of which would likely arise from claimants who had not yet developed an asbestos-related disease. Bates White’s analysis aided in reaching the settlement via a successful mediation.