CSR Limitedtoday announced it has reached settlement of long-standing litigation withcertain members of the ACE insurance group (ACE). Under the settlement ACE willpay CSR $120 million.
ACE wasamong a number of insurers sued in New Jersey in 1995 by CSR seeking indemnityfor US asbestos claims under policies issued to CSR from approximately 1978 to1989, together with other damages and relief.
Thissettlement concludes claims against all defendants in the New Jerseylitigation, other than those few defendants that CSR believes to be insolvent.
CSR’s CEOand Managing Director Alec Brennan said, “We are pleased to have achieved acommercial resolution with ACE. Since commencing this litigation in 1995,settlements have totalled $279 million before legal costs.”
Thisparticular settlement net of litigation costs is approximately $103 million andwill be recorded as a significant item in CSR’s results for the year ending 31March 2007.