The Circuit Court of Cook County reported the following activity in the suit brought by Tbf Financial against Kevin Macnab and Nicholas Vucovich on March 12: 'Alias Summons Issued And Returnable'.
A judge has granted preliminary approval to an initial $4.1 million settlement, though the total could climb as high as $14.1 million. NovaTime is agreeing to end litigation despite arguing individual employers' hold liability for alleged violations, not them.
Even as the company has requested the chance to head to mediation to resolve differences between its insurers and trial lawyers representing tens of thousands of asbestos claimants, a federal bankruptcy judge has granted bankrupt boiler maker Oakfabco’s request to abruptly withdraw its liquidation proposal, leaving unsettled for now how the company will continue through bankruptcy and wind down those asbestos-related personal injury claims.
Saying the plan would open opportunities for “gamesmanship” by trial lawyers, insurer CNA has asked a bankruptcy judge to shoot down a plan by the successor company to a defunct boiler maker to wind down its existence by essentially giving lawyers representing plaintiffs in nearly 34,000 asbestos claims the chance to vote themselves a payday.
Defunct boiler manufacturer Oakfabco, formerly known as Kewanee Boiler Corporation, has filed for bankruptcy -- the second time in less than 30 years -- and is looking to establish a trust for the asbestos claims that have crippled it, including the 3,400 active cases it is currently facing.
