Spinoff Claims Honeywell Saddled It With $1B Liability
Law360 (January 16, 2020, 1:44 PM EST) -- A company spun off from Honeywell International Inc. is suing the company in New York state court, saying its executives illegally imposed an agreement forcing the new company to shoulder the bulk of its $1 billion in liability stemming from asbestos lawsuits.
In a 104-page complaint filed Wednesday, Garrett Motion Inc. said when it spun off from Honeywell's Transportation Systems business in October 2018, attorneys for Honeywell were on both sides of the negotiating table, giving Garrett's leadership no say in the indemnity agreement.
The spinoff plan was devised to offload Honeywell's financial burden and convince the market that the liability...
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