ABB Unit Finalizes Plan For Asbestos Claims

Law360, New York (April 3, 2006, 12:00 AM EDT) -- A reorganization plan has been finalized for the Swiss/Swedish technology group ABB Ltd. and its U.S. unit Combustion Engineering Inc., concluding years of legal wrangling involving asbestos-related charges.

“This is a milestone in the history of ABB,” said ABB president and CEO, Fred Kindle, in a statement. “We are very glad to have a resolution of this important issue, which removes significant uncertainty that has harmed ABB over the years. The finalized plan brings benefits to both ABB and asbestos claimants.”

According to ABB, no party...
To view the full article, register now.

Law360 UK

UK Financial Services

Read Our Latest UK Legal News & Analysis

Financial Services Law360 UK and Insurance Law360 UK provide breaking news and in-depth analysis on U.K. and European Union regulation, enforcement, legislation, and litigation involving banks, investment firms, insurers, and more.