ABB's Asbestos-Related Reorganization Approved

Law360, New York (March 1, 2006, 12:00 AM EST) -- In a move that promises to shield ABB Ltd. from future asbestos litigation troubles, a bankruptcy court has approved the amended reorganization plan of the Swiss/Swedish engineering group’s U.S. subsidiary, Combustion Engineering.

The company announced the plan’s confirmation on Wednesday, a day after the trial’s minutes revealed that the New Jersey bankruptcy judge intended to approve the settlement proposal.

Under the proposed plan, which protects ABB and its subsidiaries against current and future asbestos claims, ABB has earmarked $1.43 billion for a trust fund that will...
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