Metabolife successor wants to settle suits
SAN DIEGO: The successor to Metabolife International Inc. wants to use $130.4 million in insurance money to settle ephedra-related diet pill lawsuits, a report said.In a bankruptcy court filing, San Diego-based MII Liquidation Inc. proposed using the $130.4 million in insurance proceeds to settle 21 suits and avoid a trial.
Approving the settlements and setting up streamlined procedures for future settlements "is in the best interest of creditors and the estates because claims are being resolved in an expeditious and cost-effective manner," The Wall Street Journal reported of MII's request.
After settling the suits, MII said it would have $57.1 million remaining in coverage through Evanston Insurance Co. and National Union Fire Insurance Co. of Pittsburgh.
