Owens Corning granted court OK of asbestos claims, MiraVista roof tile settlements

By Caroline Salls

Pittsburgh, July 20 - Owens Corning obtained court approval of a settlement agreement with Royal Indemnity Co., under which Royal will pay the company for asbestos-related "non product" claims, and approval to compromise claims in connection with a MiraVista roof tile lawsuit, according to Thursday filings with the U.S. Bankruptcy Court for the District of Delaware.

According to the motion, Owens Corning and Royal disagreed over whether the insurer had further coverage obligations.

Royal contends that the claims are subject to policy limits that have been exhausted.

The settlement terms were filed under seal.

In addition, Owens Corning obtained court approval to compromise the claims of Robert Lopez, John Stratton, Kathleen Stratton and Anne Rudin in connection with their lawsuit alleging that Owens Corning sold faulty MiraVista roof tiles.

The company said it will resolve the claims in an effort to avoid substantial litigation costs and any potential damages.

As previously reported, the settlement calls for Owens Corning to pay $11 million in exchange for resolving the claims.

Owens Corning, a Toledo, Ohio, building materials company, filed for bankruptcy on Oct. 5, 2000. Its Chapter 11 case number is 00-3837.

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