St. Paul Cos has announced that a lawsuit has been filed against it and two of its executives over its handling of the Western MacArthur asbestos case.
The case cost the insurer around £645m and affected the firm's share price. St. Paul said the suit, seeking class action status, charges that St. Paul did not make adequate public disclosures about the Western MacArthur litigation.
The litigation ended up with St. Paul agreeing in June to pay £636m to cover the building product firm's asbestos claims.
St. Paul said the litigation is without merit, St. Paul said, and it will contest it vigorously. The firm did not name the two executives named in the suit.
