| Colfax announced that its Warren Pumps subsidiary received a favorable ruling in its asbestos insurance case. The decision issued October 14, 2009, by the Delaware Court of Chancery confirmed that Warren is entitled to excess insurance coverage purchased by a former owner of the business. The Court also ruled that Warren's asbestos-related costs should be allocated among excess insurers using an "all sums" allocation. This allows Warren to collect amounts paid in connection with a claim from any insurer whose policy is triggered, up to the policy's applicable limits. This litigation and the decision are separate and apart from insurance litigation involving Colfax's Imo subsidiary. The Company is currently evaluating the impact of this favorable ruling on its financial reporting and expects to record a gain in the third quarter. :theflyonthewall.com |
