Federal Judge Says Babcock Didn't Breach London Insurers Pact

NEW ORLEANS - A federal judge in Louisiana has ruled that the Babcock & Wilcox Co. did not breach its insurance agreement with Lloyd's of London when the bankrupt asbestos defendant allowed claimants to review the plan and proposed to have a trust manage the claims under the agreement. Certain Underwriters at Lloyd's, London, et al. v. McDermott International Inc. and the Babcock and Wilcox Co., No. 01-912 c/w 01-1187 (E.D. La.)

Awarding summary judgment Jan. 4 to Babcock and parent company McDermott International (Babcock), Judge Sarah S. Vance of the U.S. District Court for the Eastern District of Louisiana …