NY Judge OKs $308M Asbestos Indemnity Deal

Law360, New York (February 17, 2011, 4:11 PM EST) -- A New York judge approved an agreement Thursday in which electric utilities parts maker Cooper Industries PLC will pay $307.5 million to settle Pneumo Abex LLC's claims that a joint venture left it unable to fulfill an asbestos indemnity agreement.

Judge Ira Gammerman of the Supreme Court of the State of New York, County of New York, approved the companies' joint motion to approve the settlement, ending the complaint Pneumo Abex filed in May after Cooper Industries announced in March that it would launch a joint...
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