The St. Paul Cos. reports two lawsuits have been filed against it and two of its executives over the insurer’s handling of the Western MacArthur asbestos case, which cost the insurer nearly a billion dollars and sent the firm’s stock tumbling.
St. Paul stated that the suits, seeking class action status, charge that St. Paul did not make adequate public disclosures regarding the Western MacArthur litigation. The litigation ended up with St. Paul agreeing in June to pay $987 million to cover the building product firm’s asbestos claims.
According to the company, the litigation is without merit, and it will contest it vigorously. The firm did not identify the two executives named in the suits.
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