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O’Melveny’s Schiavoni Quoted in Westlaw Journal Asbestos on Garlock RulingFebruary 06, 2014 O’Melveny & Myers partner Tancred Schiavoni was quoted in a January 31, 2014, Westlaw Journal Asbestos article, titled “Garlock Wins Big in Bankruptcy Court with Low Liability Estimate.” The report discusses the recent federal ruling that Garlock Sealing Technologies LLC's liability for present and future mesothelioma claims is US$125 million, a far lower obligation than the claimants' push for over US$1 billion. “Central to the court's holding was its finding that there has been extensive and systematic withholding of exposure evidence in the tort system as companies that were once co-defendants of Garlock filed for bankruptcy,” Schiavoni told the publication. “The court rejected estimating Garlock's liability by application of a formula that simply projected its past settlement history forward. Instead, the court insisted upon focusing on the merits of the claims,” he observed.
As the article reports, O'Melveny represents several insurance companies involved in asbestos-related bankruptcy filings. Schiavoni is a member of the Firm’s Class Actions, Mass Torts, and Insurance Litigation Practice and is based in the New York office.