Law360 Quotes Todd Phillips on Aldrich Pump Asbestos Deal

Law360 (September 30, 2021, 4:19 PM EDT) -- The committee of existing asbestos injury claimants in the Chapter 11 case of Aldrich Pump said Thursday it hasn't had sufficient time to review a proposal to settle asbestos claims in the company's bankruptcy for $545 million because it only received the terms of the deal late last week.

During a video status conference in Charlotte, North Carolina, bankruptcy court, committee attorney Todd E. Phillips of Caplin & Drysdale said Aldrich Pump had reached agreement on the settlement to be embodied in its Chapter 11 plan without input from the asbestos claimants committee and only negotiated with the future claims representative in the case.

"The debtors are engaging in a fantasy here where the current claimants don't matter," Phillips said.

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