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...
To view the full article, register now.

UK Financial Services

UK Financial Services

Read Our Latest UK Financial Services Coverage

Financial Services Law360 UK provides breaking news and analysis on the financial sector. Coverage includes UK and European Union policy, enforcement, and litigation involving banks, asset management firms, and other financial services organizations.