Sumitomo Unit Presperse Gets Asbestos Bankruptcy Plan Sign-Off

Sumitomo Corp.-backed cosmetics supplier Presperse Corp. secured final court approval of a bankruptcy plan settling hundreds of asbestos exposure injury claims through a more than $50 million trust agreement.

Judge Robert Kirsch of the US District Court for the District of New Jersey on Thursday adopted bankruptcy court findings approving Presperse’s Chapter 11 plan, resolving current and future claims stemming from its talc products.

The plan settlement includes a $49 million payment from Sumitomo and $8 million from insurer Hartford, which agreed to buy back policies it provided to Presperse. Talc claimants voted unanimously in favor of the ...