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3M Company
Court rules insurers must reimburse manufacturer
September 10th, 2003
The Minnesota Supreme Court ruled on August 21, 2003, that a group of insurance companies must reimburse 3M Co. for hundreds of millions of dollars related to silicone breast implant lawsuits. The court, however, ruled 3M was not entitled to attorneys' fees from the 29 insurers. "We're very pleased by the court's decision today requiring insurers to provide the insurance benefits purchased by 3M," said Richard Ziegler, 3M general counsel, in a prepared statement. The company expects to collect about $250 million from the insurers as a result of the decision. 3M, however, does not expect the money to affect its earnings. ...
Source: Biotech Week (2003-09-10)
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