Law360 (September 1, 2006, 12:00 AM EDT) -- Swiss-based engineering giant ABB Ltd. said Friday it had resolved asbestos claims against Lummus, its U.S. subsidiary, in a move that puts to rest the unit's asbestos liabilities and opens the door for its sale.
The move comes just four months after ABB Lummus filed for bankruptcy, listing assets of $414 million and debts of $553 million.
A federal district judge signed off on the settlement plan on Friday, allowing the company to begin shelling out around $40 million in compensation payments to claimants who have been exposed to asbestos.
An ABB spokesperson told Reuters this week that the cost of...
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