Owens Corning agrees to asbestos pact; settlement for $1.2 billion with plaintiffs' lawyers may resolve all suits

Article Abstract:

Whether it is "to do the right thing" or to reduce liability, now and in the future, Owens Corning announced it made private settlement with 50 law firms representing clients with asbestos-related lawsuits. The settlements of the 176,000 cases is costing the company $1.2 billion which includes attorney fees. A reserve fund is being established so that about 90% of the cases can be settled and paid by the end of 2000 without litigation. Settling class-action suits out of court does court systems everywhere a huge favor.

All Other Miscellaneous Nonmetallic Mineral Product Manufacturing, Asbestos products, Asbestos Insulation, Owens Corning, OWC, Thermal insulation, Asbestosis, Insulating materials industry, Insulation industry

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Philip Morris hit with record damages; jury awards $80.3 million in Oregon smoker case; company set to appeal

Article Abstract:

In spite of the $206 billion settlement with 46 states in November 1998, Philip Morris was found guilty in another individual lawsuit, this time in Portland, Oregon. The tobacco firm plans to appeal the award of $80.3 million, a new record high. Since the plaintiff began smoking as a 21-year-old adult, the suit was thought to be a weaker one, but juries seem to want to send a very strong message to tobacco peddlers. A repository of internal industry records probably helped the plaintiff's case a great deal.

Comment:

Company plans appeal of record-high award in Oregon case

TOBACCO PRODUCTS, Cigarettes, Cigarette Manufacturing, Product liability, Tobacco industry, Products liability, Tobacco, Philip Morris Inc.

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Philip Morris agrees to pay $105 million to settle class-action shareholder suits

Article Abstract:

Philip Morris Cos. agreed to pay $105 million to settle class-action securities lawsuits, including one 1997 suit brought by investors who allege that the company misled them regarding the addictive nature of nicotine. The settlement money will go into a fund to compensate sharelolders who bought common shares between June 11, 1991 through May 6, 1994. The exact amount that each shareholder will receive was not disclosed.

Comment:

To pay $105 mil for class-action securities lawsuits, one '97 suit about nicotine addictivity

Tobacco Products, Tobacco Manufacturing, Legal/Government Regulation, Altria Group Inc., Article

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