6th Circ. Says $3B Dow Deal Requires Authorization Of Credits

Law360, New York (March 11, 2013, 6:18 PM EDT) -- Dow Corning Corp., which was driven into bankruptcy by personal injury lawsuits over its silicone breast implants, can only get credits for early payments on a $3.2 billion settlement if those payments were explicitly authorized, the Sixth Circuit ruled Friday.

The appeals court, in largely upholding a district judge, said Dow was incorrect to argue it always deserved so-called time-value credits, and that the lack of such credits doesn’t threaten to cost the company more than it agreed to pay.

The 10-figure settlement stipulated that Michigan-based...
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