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 Pro Say Podcast
Check out Law360's new podcast, Pro Say, which offers a weekly recap of both the biggest stories and hidden gems from the world of law.