Exxon Mobil Sues Insurers to Recover Asbestos Suit Money
Exxon Mobil Corp. (XOM), the world’s second-most valuable company, sued dozens of insurers in New York state court to recover money for asbestos lawsuits.
The oil producer filed the lawsuit yesterday against some underwriters at Lloyd’s of London and other insurers, seeking a declaration of their “rights, duties and obligations” to cover Exxon Mobil’s defense costs and indemnify the company for money it’s obligated to pay as a result of asbestos claims.
The claims arise from alleged exposure during several decades to asbestos-containing materials at facilities owned by Exxon Corp. and Mobil Corp., and Mobil’s manufacture and distribution of asbestos-containing products from 1963 until about 1980, according to the filing. Exxon bought Mobil in 1999 for $85.2 billion in stock and assumed debt.
“Claims by thousands of plaintiffs against Exxon Mobil have been settled or otherwise disposed of,” the Irving, Texas- based company said in the complaint. “Thousands more remain pending against Exxon Mobil, and Exxon Mobil expects many more to be filed in the future.”
Lloyd’s of London declined to comment on the lawsuit.
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The case is Exxon Mobil Corp. v. Certain Underwriters at Lloyd’s, London, 650503/2012, New York State Supreme Court (Manhattan).
To contact the reporter on this story: Chris Dolmetsch in New York at cdolmetsch@bloomberg.net
To contact the editor responsible for this story: Michael Hytha at mhytha@bloomberg.net
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