Steptoe Lead Counsel in Significant Asbestos-Related Bankruptcy Case

Most recently, Steptoe has been acting as one of the lead counsel in In re Congoleum, a precedent-setting asbestos-related bankruptcy case, aspects of which are pending in both New Jersey federal and state court. Over the last three years, Steptoe attorneys have been instrumental in thwarting various schemes designed in a part to strip insurers of their rights and benefit tort plaintiffs’ attorneys at the policyholder’s expense. As one of the lead trial firms, Steptoe attorneys have cross-examined key witnesses and helped convince the bankruptcy court to reject sweetheart deals that favor the tort plaintiffs’ counsel; sanction the coverage firm who acted as the policyholder’s chief architect of those deals; approve fair and reasonable settlements with certain insurers; and, in essence, level the playing field so that the bankruptcy laws are not used as both a sword and a shield against the insurance industry.