First Hanson Payment if $35 million for Asbestos Claim
Article Added February 10th, 2006 - Print This Story - Bookmark This Story
An asbestos claim that led to a huge settlement for victims by Hanson Plc. is to start it’s payout this month. The first installment was commented on from the London company.
A US subsidy of British building materials company Hanson Plc. will pay the first installment of $35 million for its future asbestos cost, a settlement reached with its insurers last year. The payout will be deposited into a trust fund for distribution to asbestos victims that had sued the company for health and legal costs, pain and suffering, and other damages associated with asbestos poisoning. Hanson stated that the entire sum would be paid over the next three years.
A number of issues will be settled by the fund, including historic insurance policies that were issued prior to the 1980s and which cover a multitude of claims, including those related to asbestos. The materials company was brought before the courts after it was determined that the company used material that included asbestos, endangering the company’s employees. It also neglected to inform the employees that the material being worked with was hazardous. The settlement comes on the heel of a national movement for a trust fund for all asbestos victims claiming damages.
Article Added February 10th, 2006 - Print This Story - Bookmark This Story
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