Six insurance companies are suing an asbestos personal injury trust set up by a U.S. unit of Philips that the insurers suspect has been making millions of dollars in fraudulent payments to parties that cannot prove they were harmed by the company's asbestos products, Reuters reported on Thursday. In the lawsuit, the insurers are seeking access to trust records. The insurers said that the asbestos personal injury or PI trust set up during the 2008 bankruptcy of T H Agriculture & Nutrition LLC, a unit of Philips Electronics North America Corp., had been paying substantially more claims than originally forecast. "Plaintiffs have a reasonable suspicion that fraudulent claims have been submitted to and paid by the asbestos PI trust," said the lawsuit, which was filed on Wednesday in Delaware's Court of Chancery.
