Asbestos Litigation

Over the last decade, Montgomery McCracken has provided general representation to The Celotex Corporation. Beginning with defending the company in a single class action, the firm was eventually selected as national trial counsel in asbestos property damage litigation and regional trial counsel in bodily injury litigation and, in those capacities, tried more than 500 cases to juries. In 1990, Celotex filed for bankruptcy – at the time the largest in the country, with over 400,000 creditors and $1.5 billion in assets – and the firm was retained as Special Litigation and Bankruptcy Counsel. The firm obtained nearly $300 million in insurance proceeds to fund a trust to pay asbestos victims and, through our corporate practice, helped create the framework and participated in the defense before the U.S. Supreme Court that resulted in a successful reorganization. We have been retained on an ongoing basis as Special Counsel to the Celotex Asbestos Trust. The firm helped reorganize Celotex into an ongoing business and still represents the company in a variety of matters nationwide, including contract disputes, environmental issues, and personal injury litigation.