Affiliates of insurer Chubb Ltd on Tuesday said bankrupt opioids manufacturer Insys Therapeutics Inc wrongly included potential claims against them among its assets in its disclosures of its Chapter 11 bankruptcy plan. Insys in its disclosures filed last month had said it has $30 million in product liability insurance coverage, including $10 million of the insurance with Chubb companies, among its assets that could be used to help fund a trust for victims of opioid abuse. To read the full story on WestlawNext Practitioner Insights, click here: bit.ly/2MOouux
Chubb has refused insurance payouts for bankrupt opioid manufacturer Insys Therapeutics, after affiliates of the insurance company said it had wrongly included claims against them as assets when it made its Chapter 11 disclosures. Insys had said it had $30m of product liability coverage, including $10m with Chubb firms, with which it could fund a trust to help opioid abuse victims.