Cooper Industries Strikes $308M Asbestos Deal

Law360, New York (February 7, 2011, 2:12 PM EST) -- Electric utilities parts maker Cooper Industries PLC has agreed to pay $307.5 million to settle Pneumo Abex LLC's claims that a joint venture will leave the defendant unable to fulfill an asbestos indemnity agreement, according to a Monday regulatory filing.

Cooper Industries said in the filing with the U.S. Securities and Exchange Commission that the settlement would bring to a close litigation in the New York State Supreme Court's Commercial Division brought by Pneumo Abex following Cooper Industries' July announcement of a joint venture with Danaher...
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