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...

Stay ahead of the curve

In the legal profession, information is the key to success. You have to know what’s happening with clients, competitors, practice areas, and industries. Law360 provides the intelligence you need to remain an expert and beat the competition.

  • Access to case data within articles (numbers, filings, courts, nature of suit, and more.)
  • Access to attached documents such as briefs, petitions, complaints, decisions, motions, etc.
  • Create custom alerts for specific article and case topics and so much more!


Attached Documents

Related Sections

Law Firms


Hello! I'm Law360's automated support bot.

How can I help you today?

For example, you can type:
  • I forgot my password
  • I took a free trial but didn't get a verification email
  • How do I sign up for a newsletter?
Ask a question!