Honeywell, Asbestos Trust Spar Over $2.3 Billion of Payments (1)

Honeywell International Inc. sued a trust for victims of asbestos poisoning, claiming the fund’s managers are wrongly paying people who say they were harmed by the toxic industrial substance.

The lawsuit, filed in Pittsburgh, comes after years of acrimony between the industrial conglomerate and a trust set up to resolve the bankruptcy of Honeywell’s former affiliate, North American Refractories Co., or Narco.

Trust administrators filed their own lawsuit against Honeywell, claiming the company was trying to get out of its obligation to pay up to $150 million annually to cover claims from people harmed by Narco’s products. There’s no ...