Archdiocese of Milwaukee's settlement with Lloyd’s ‘important step’ in reorganization

ST. FRANCIS – The Archdiocese of Milwaukee has “reached in principle” a settlement with Lloyd’s, London and London Market Companies, both of which operate under London Market Insurers (LMI), that will be part of the plan of reorganization that the archdiocese will file with the U.S. Bankruptcy Court Eastern District of Wisconsin.

The agreement was noted in a motion to extend the stay on motions the archdiocese and LMI had filed earlier in the Chapter 11 bankruptcy proceedings. The most recent motion was filed jointly Nov. 11 by attorneys for LMI and the archdiocese in the U.S. District Court for the Eastern District of Wisconsin.

“Details of the settlement agreement will be documented in writing, executed by the parties; we’ll have an agreement in writing and incorporated into the plan of reorganization,” Jerry Topczewski, chief of staff for Archbishop Jerome E. Listecki, said Tuesday, Nov. 12. “The dollar amount will be disclosed in the plan of reorganization along with the non-monetary (elements) – best described as the actual agreement.”

LMI’s attorney Catalina J. Sugayan wrote in a statement of support for the motion that LMI “would agree to make a buyback payment and a release payment (from the archdiocese) … in exchange for a buyback and release of all possible liabilities relating to any claims that have been made or could be made against the LMI and other London Insurers relating to or connected with the LMI policies and other London policies…”
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Attorney costs have totaled more than $4 million since the archdiocese filed for bankruptcy on Jan. 4, 2011.

continue at MilCatHerald

I'm impressed they added that stat at the end