Chatswood, Australia-based CSR Limited said Bermuda-based insurer ACE Ltd. has agreed to pay $94 million ($120 million Australian) to settle long-standing litigation over asbestos claims.
The manufacturer said ACE was one of a number of insurers sued in New Jersey in 1995 by the company seeking damages and relief and indemnity for U.S. asbestos claims under policies issued to CSR from approximately 1978 to 1989.
CSR said the settlement concludes claims against all defendants in the case, other than a few defendants that the company believes to be insolvent.
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