Ohio Settles Asbestos Suit
Article Added October 20th, 2006 - Print This Story - Bookmark This Story
A suit filed against Federal Mogul Corp. by the state of Ohio was settled in a court this week after more than a year in the judicial system. Both parties agreed to settle out of a trial to expedite help to victims.
The state of Ohio lodged a suit against Federal Mogul Company to the tune of $24 million in damage claims due to asbestos exposure. The bankrupt auto parts dealer requested that the suit be settled outside of court, in an effort to help the victims, as well as to navigate around financial responsibility that may hinder the company. Ohio agreed to reduce their settlement to $2.3 million and 50% of the insurance proceeds the company may accrue as a result of the asbestos case. The settlement also relieves Federal Mogul’s subsidiaries from any debt to the state.
The suit began after it was found that the factory owned by Federal Mogul was causing environmental damage due to lingering asbestos. Damage at two of the factories was posing a threat of releasing asbestos into the surrounding environment and air, posing a potential health concern. The settlement was agreed to by all parties on Tuesday, and is due to go into effect starting the end of this year. Both parties state they are happy with the settlement, which will avert prolonged litigation and lawyers’ costs.
Article Added October 20th, 2006 - Print This Story - Bookmark This Story
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