ABB Resolves Lummus Asbestos Claims

Law360, New York (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...
To view the full article, register now.

UK Financial Services

UK Financial Services

Read Our Latest UK Financial Services Coverage

Financial Services Law360 UK provides breaking news and analysis on the financial sector. Coverage includes UK and European Union policy, enforcement, and litigation involving banks, asset management firms, and other financial services organizations.