Chapter 11 Asbestos Debtor’s Settlement Protections Too Broad, U.S. Trustee Says

( November 27, 2024, 1:39 PM EST) -- RICHMOND, Va. — Two settlements among new Chapter 11 debtor Hopeman Brothers Inc. and its insurers to help fund a trust to pay asbestos personal injury claims cannot be approved because the agreements purport to protect nondebtor third parties in violation of the U.S. Bankruptcy Code and U.S. Supreme Court precedent, the U.S. trustee tells a Virginia federal bankruptcy court in his objection to the deals....