Recovery of $1.4B for Asbestos Defendantsshoke2013
In his capacity of representing a major asbestos defendant, Steve assisted in securing access to over $1.4B in insurance proceeds either collected or committed. This includes recovery from both solvent and insolvent insurers, including some select policy commutations. He secured several significant legal rulings in a related coverage action, including a novel first-of-its-kind “cost-in-addition” recovery from excess insurers and a finding that overseas insurers that had claimed to be surplus insurers were really admitted insurers thus increasing their potential exposure. He provided both litigation and claims advice and engineered various cost-shares and commutations both pre-litigation and post-litigation to ensure ongoing funding for his clients.