The Dow Jones Newswire reported that several complaints have been filed in Texas district courts against Chubb Corp. that allege Chubb Indemnity and unaffiliated insurers conspired to conceal risks associated with asbestos exposure.
Chubb Corp.’s Form 10-K, which was filed with the Securities and Exchange Commission, indicated the complaints were filed in Nueces and Bexar county district courts, and were served to Chubb Indemnity as early as December.
According to the Dow Jones report, the plaintiffs seek unspecified monetary and punitive damages, and want to impose liability on the insurers directly.
Although Chubb reportedly intends to present a vigorous defense against the complaints, no discovery has taken place. Courts have not yet required the company to answer the charges.
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