Swiss Asbestos Hearing To Go Smoothly
Article Added February 23rd, 2006 - Print This Story - Bookmark This Story
Engineering group ABB said that the US hearing next week over the $1.4 billion settlement of it’s Swiss-Swedish claims appeared set for smooth sailing. No objections had been filed by the deadline of February 21st.
ABB addressed its outstanding asbestos claims in one lawsuit filed through the US Court System. The federal district court in Wilmington, DE showed approval for the deal to end the massive claims against the company for using asbestos. The company used the hazardous material in the making of insulation, parts and lubrication, which exposed its workers to breathing in the potentially poisonous material.
The court’s decision was expected the same day of the session, which has been scheduled for February 28th. The standard appeal period of 30 days would follow, after which the order would become final, if no appeals were lodged. Several years of court room jousting within the US would end at that time. An original agreement was reached for by a collective lawsuit launched in the US, which had the company paying $1.2 billion to 110,000 people affected. The US court rejected that settlement at the end of 2004, and ABB increased the amount of the payout. The claim is linked to a bankruptcy plan for the US subsidiaries of ABB.
Article Added February 23rd, 2006 - Print This Story - Bookmark This Story
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