Metabolife Seeks Settlement OK
WASHINGTON (MarketWatch) -- The former Metabolife International Inc. is seeking bankruptcy court approval to settle $130.4 million in ephedra-related claims using insurance proceeds, and establish a framework for settling additional claims tied to the diet pills it once made. "Approving these settlements and establishing stream-line 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 company, now known as MII Liquidation Inc., said in a recent court filing. The proposed settlements would end 21 lawsuits against the company, and eliminate $130.4 million in claims. The company said the settlements won't affect the interests of its other creditors because the deals will be funded entirely from insurance proceeds. Burdened by hundreds of personal injury lawsuits related to its ephedra-containing products, the company filed for Chapter 11 protection from creditors in June 2005.
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