Judge Dismisses Babcock & Wilcox Fraudulent Transfer Claim

NEW ORLEANS - A federal judge has dismissed a lawsuit filed against Babcock & Wilcox by asbestos claimants who accused the company of illegally transferring some $622 million in assets to a subsidiary. The Babcock & Wilcox Co. v. Babcock & Wilcox Investment Co., et al., No. 00-10992-00-10995 (E.D. La., Bankr.)

Judge Jerry A. Brown on March 20 granted a B&W motion for summary judgment in the case, ultimately dismissing claims that the transfer, which preceded B&W's Chapter 11 filing in 2000, was fraudulent.

A spokesman for B&W said Judge Brown ruled from the bench following a hearing in the …