LONDON (Reuters) - Royal & Sun Alliance is liable for asbestos compensation claims in a suit brought by engineering group Turner & Newall, a judge has ruled.
The High Court ruling by Mr Justice Lawrence Collins came in a suit brought by the company on behalf of former employees with asbestos-related diseases.
Turner & Newall, now part of U.S. auto parts group Federal-Mogul Corp
Royal & Sun Alliance
The asbestos victims’ solicitor, Ian Turner, concurred, saying: "There is now to be another hearing at which they (Royal & Sun Alliance) will put forward other arguments which they say will clear them from liability."
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Turner represents victims with claims dating from 1969 when Royal & Sun Alliance became Turner & Newall’s insurer and a much larger group with claims dating from before 1969 whose fate is unsure.
Royal & Sun Alliance said it would need more time to examine Justice Collins’s 156-page judgment but it had enough funds for any eventuality.
"Whilst it is our policy not to comment on our reserving for individual incidents, we can confirm that even in the light of this judgement we remain confident our overall reserves, which are subject to regular review, are within an appropriate range."
At 1150 GMT, Royal & Sun Alliance shares were 3.0 percent lower at 114-1/2 pence, while the broader market was 0.5 percent higher.
