NU Online News Service, May 13, 4:00 p.m. EDT–Congoleum Corporation said it has reached a $103 million settlement with American International Group over asbestos-related claims.

The Mercerville, N.J.-based maker of flooring products said that under the terms of the settlement, certain companies within AIG providing excess insurance coverage, would pay the $103 million over 10 years to a trust to be formed upon confirmation of Congoleum’s proposed settlement plan that is waiting approval by the bankruptcy court.

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