$5.2 Billion Asbestos Settlement Reached

$5.2 Billion Asbestos Settlement Reached


The adjustment marks the end of a five-year acknowledged war amid insulation behemoth Owens Corning, its creditors, and bags of victims apparent to asbestos.

“It’s a acceptable start,” said Chris Anderson, a third-generation insulator who was diagnosed with asbestosis afterwards watching his grandfather, father, and mother die from the disease.

The Ohio-based company, Owens Corning, acclimated asbestos in its architecture and insulation abstracts for over thirty years.

Asbestos is a fibrous, burnable mineral that was frequently acclimated amid the 1940’s and 1970’s in architecture products. It was banned if it was begin to could cause cancer, and several lung diseases.

“We never absurd all those years ago that something meant to assure humans would end up killing them,” said Burt Shephard, who has been diagnosed with mesothelioma, a attenuate blight acquired about alone by asbestos. “The alarming allotment for me is that I bethink advancing home with it all over my clothes. I’m just beholden for the advice this will accommodate my family.” Shephard is acceptable to accept about $147,000 from the settlement.

The victims’ attorneys said they were accessible to prove that Owens Corning admiral knew of the assurance risks the actual airish able-bodied afore asbestos was banned.

“We were able to appearance they actually had, in their hands, studies assuming they knew the accident to animal bloom at the aforementioned time they were business it as nontoxic,” said Seattle advocate Matthew Bergman, who was on the board that affected the adjustment with Owens Corning.

Bergman said the adjustment was based on the adding that there would be about 200,000 claims adjoin Owen Corning.

The adjustment requires Owens Corning to pay a banknote bulk of $4.29 billion into an asbestos victims’ assurance fun, and aswell put into the armamentarium 28.6 actor aggregation banal shares if the aggregation allotment from defalcation this year. Owens Corning will aswell pay creditors $2.5 billion.

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This access was acquaint on Thursday, April 23rd, 2009 at 12:00 am.


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$5.2 Billion Asbestos Adjustment Reached

Thursday, April 23rd, 2009
$5.2 Billion Asbestos Settlement Reached