PPG Industries Inc. v. The Superintendent of Financial Services

K&L Gates and Simpson Thacher & Bartlett have advised on the dispute

PPG sought coverage of approximately $110 million from Midland arising from a settlement it entered into in connection with the bankruptcy proceedings of its affiliate, Pittsburgh Corning. New York law provides that the Liquidator must disallow any claim that is considered contingent by a bar date set in the liquidation proceedings. PPG argued that the claim should have been allowed because it was fixed and certain as of the bar date. The Appellate Division agreed with the Liquidator, however, that because the bankruptcy plan had not been confirmed at the time and other conditions to coverage had not been satisfied, the claim was properly disallowed.

Simpson Thacher has advised The liquidator with a team led by Andy Frankel (Picture) and including Rachel Sparks Bradley.

K&L Gates represented PPG with Priya Chadha.

Involved fees earner: Priya Chadha – K&L Gates; Andrew Frankel – Simpson Thacher & Bartlett; Rachel Sparks Bradley – Simpson Thacher & Bartlett;

Law Firms: K&L Gates; Simpson Thacher & Bartlett;

Clients: PPG Industries, Inc.; he Superintendent of Financial Services;


Author: Ambrogio Visconti