 |
  |
 |
|
|
||||||||||||||||||||
Litigation Redefined.
 |
 |
 |
|
 |
|
 |
Larson • King’s attorneys obtain an additional quarter billion dollar recovery for 3M.08/26/2003 Larson • King successfully represented 3M in obtaining an additional quarter billion dollar recovery from its insurance carriers for its silicone gel breast implant liabilities. The Minnesota Supreme Court’s decision on August 21, 2003 in In Re: Silicone Implant Insurance Coverage Litigation confirms insurance coverage owed to 3M by 29 insurers remaining in the case and holds that these insurers are liable up to the limits of respective policies. “We’re very pleased by the court’s decision today requiring insurers to provide the insurance benefits purchased by 3M,” said Richard Ziegler, senior vice president, Legal Affairs and General Counsel. 3M expects to collect approximately $250 million from these insurers as a result of this decision. This amount is in addition to several hundred million dollars in settlements 3M reached with other insurers during the course of the Minnesota coverage litigation, which was commenced in 1994. Larson • King attorneys were 3M’s co-counsel in the appellate courts and its chief trial counsel throughout more than six years of trial court proceedings, which included several bench trials and a five-month jury trial in which a jury rejected the insurers’ coverage defenses. The Supreme Court decision resolved trigger and allocation issues favorably to 3M, holding that allocation does not apply and that insurers on the risk at the time of implantation must pay, up to their policy limits, all defense and settlement costs. |
