Supreme Court considers standing of insurers in Chapter 11 [Reuters]
ZURICH INS GROUP S/ADR (ZURVY)
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Source: Reuters
Nevertheless, an important bankruptcy case is now before the nation's highest court and requires the Court to do just that. On Tuesday, March 19, the Supreme Court heard oral argument in Truck Insurance Exchange v. Kaiser Gypsum Company, Inc., a case that will influence claims and policyholders' liabilities for which insurers may be called upon to defend or provide indemnification. The issue to be decided is whether an insurer with financial responsibility for a bankruptcy claim is a "party in interest" that may object to a Chapter 11 plan of reorganization. A central point in the appeal is whether the bankruptcy doctrine of "insurance neutrality" may be applied to exclude an insurance company from raising objections to a plan of reorganization when the plan ostensibly does not increase the insurer's liability exposure above pre-bankruptcy levels. The outcome of the Court's ruling in Truck Insurance Exchange will have major implications for the resolution of mass tort claims in
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